In relation to an alleged Rs 73 crore bank loan fraud involving S R Alcobev Private Limited, a business accused of defrauding Punjab National Bank (PNB) and Indian Bank, the Enforcement Directorate (ED) wing of Bhubaneswar announced on Tuesday that it had conducted extensive multi-state search operations.
The ED's Bhubaneswar Zonal Office has released official information stating that the coordinated raids were carried out on October 29 in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
Targeting locations connected to the accused company and its accomplices, the operations took place in Odisha, Delhi, Uttarakhand, and Punjab.
Incriminating documents, bank data, and documentation pertaining to properties valued at several crores of rupees were found and confiscated during the searches.

The act of defrauding nationalised banks
The investigation, according to sources, is based on claims that S R Alcobev Pvt Ltd used false papers and deception to secure loans of Rs 73 crore from PNB and Indian Bank (formerly Allahabad Bank).
According to investigators, a sizable chunk of the approved loan amount was taken for non-business uses, which is against the terms of credit utilisation.
The ED's case comes after the Central Bureau of Investigation (CBI) and the banks in question filed charge sheets and First Information Reports (FIRs) regarding financial irregularities. Proceeds of crime and associated assets are currently being identified for potential attachment under PMLA provisions.

Assets and Documents Scannable
Property sale deeds, bank transaction records, accounting ledgers, and digital data that may show asset transfers and fund layers across several states are among the materials that were confiscated, according to sources.
To ascertain the degree of money laundering and find possible benefactors, the financial trail is being examined.
The ED affirmed that the investigation is still underway and that, in light of the results of the searches, more measures would be implemented. Additionally, the agency has hinted that additional people connected to the business's financial transactions would be called in for interrogation.