BHUBANESWAR: The Bhubaneswar zone of the Enforcement Directorate (ED) recently carried out an extensive multi-state search operation in connection with an alleged Rs 73 crore bank loan fraud case.
The search operations were carried out across Odisha, Delhi, Uttarakhand and Punjab under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into a case involving SR Alcobev Pvt Ltd and others, accused of defrauding Punjab National Bank (PNB) and Indian Bank.
ED began investigation in the case basing on an FIR registered by the Central Bureau of Investigation (CBI) invoking scheduled offences under PMLA, 2002.
As per the investigation, SR Alcobev Pvt Ltd had availed credit facilities aggregating Rs 73 crore from the two banks. However, the company, in collusion with sister concerns and related entities, allegedly siphoned off the sanctioned funds for purposes other than those approved, thereby defrauding the lending institutions and causing substantial loss to the government exchequer.
During the searches, ED seized incriminating documents evidencing systematic diversion of loan funds from SR Alcobev Pvt Ltd to Brewforce Technologies and other associated companies, entities and business associates. This apart, multiple documents related to property worth several crores were recovered and seized, indicating acquisition of assets using diverted funds, ED sources said.