New Delhi, May 9: The Enforcement Directorate (ED) has revealed alleged financial irregularities and fraudulent transactions amounting to approximately ₹284 crore involving the Shravanti Group’s promoter, Dandamudi Venkateshwara Rao (DV Rao), and his associates.
In this case, the ED has arrested DV Rao, the company’s director D. Shanti Kiran, and Rao’s brother D. Avinindra Kumar. A special court has remanded all three to ED custody until May 12, 2026.
According to the ED, the investigation began from FIR number 0360/2025 registered at the Sector-40 police station in Gurugram. It is alleged that the company controlled by DV Rao, DZW Electric Power Projects Private Limited, fraudulently obtained loans totaling around ₹58 crore from various entities. The investigation revealed that the RTGS system was misused under the pretext of repaying these loans.
Documents indicated the names of genuine lenders, but bank account details were linked to fictitious companies based in Kolkata. The funds were subsequently transferred to shell companies such as Nexus International, Bhavatarini Sales Private Limited, and Gable Trading Company.
During the ED’s investigation, another case related to Shravanti Energy Private Limited came to light. The agency claims that Shravanti Energy Private Limited was sending approximately ₹75 lakh monthly as “consultancy fees” to Versat Technologies Private Limited, a company that existed only on paper. This resulted in a fraudulent payment of about ₹89.36 crore.
Additionally, the investigation uncovered that Shravanti Energy Private Limited falsely reported purchases exceeding ₹139 crore through more than 100 shell companies. No actual goods or services were received from these companies, and the payments were allegedly funneled as cash to DV Rao and his family. The ED has identified a total of ₹228 crore as “proceeds of crime” in the Shravanti Energy Private Limited case.
The agency also claimed that due to Shravanti Energy Private Limited’s failure to repay substantial bank loans, the company was declared a non-performing asset (NPA), resulting in a loss of over ₹1,500 crore to the banking system. This situation has adversely affected investments from several public sector banks.
Previously, during raids, the ED seized jewelry worth around ₹5 crore and several luxury vehicles. Additionally, assets worth ₹228 crore have been confiscated, including residential and industrial land located in Andhra Pradesh, Telangana, and Karnataka.
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S.K./P.M.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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