Overview

• ED teams searched five locations in the National Capital Region, three in Chennai and one in Bengaluru under the PMLA case.
• The investigation focuses on Gurugram-based HPCL and directors Amul Gabrani and Ajay Kumar Bishnoi, with the company under liquidation.
• Complainant banks reported suspected fraud totalling Rs 346.08 crore: PNB Rs 168.07 crore, ICICI Bank Rs 77.81 crore, Kotak Mahindra Rs 44.49 crore and Union Bank Rs 55.71 crore.
• A forensic audit cited fund diversion through related entities including Avadh Transformers, GET Power, Revolution Infocom and TecproEngg via fictitious job work, unpaid receivables and circular transactions.
• PNB extended Rs 165.71 crore in credit that was restructured before HPCL’s account was tagged NPA on March 31, 2015 and later reported as fraud to the RBI on June 13, 2024, with no arrests or attachments announced.