ED Bhubaneswar conducts multi-state raids in Rs 73 Cr PNB, Indian Bank loan fraud case

The Enforcement Directorate (ED) wing of Bhubaneswar on Tuesday informed that it has carried out extensive multi-state search operations in connection with an alleged Rs 73 crore bank loan fraud involving S R Alcobev Private Limited, a company accused of defrauding Punjab National Bank (PNB) and Indian Bank.

According to official information shared by the ED’s Bhubaneswar Zonal Office, the coordinated raids were conducted on October 29, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The operations spanned Odisha, Delhi, Uttarakhand, and Punjab, targeting premises linked to the accused company and its associates.

During the searches, incriminating documents, financial records, and papers related to properties worth several crores of rupees were recovered and seized. The raids were part of an ongoing investigation into alleged diversion and misuse of funds obtained through fraudulent bank loans, informed the ED.

Fraud Against Nationalised Banks

According to reports, the probe stems from allegations that S R Alcobev Pvt Ltd obtained loans amounting to Rs 73 crore from PNB and Indian Bank (formerly Allahabad Bank) through misrepresentation and falsified documentation.

Investigators believe that a significant portion of the sanctioned loan amount was diverted for non-business purposes, violating the conditions of credit utilisation.

The ED’s case follows earlier First Information Reports (FIRs) and charge sheets filed by concerned banks and the Central Bureau of Investigation (CBI) over financial irregularities. Under PMLA provisions, proceeds of crime and related assets are now being identified for possible attachment.

ALSO READ: IT Dept raids Utkal Builders in Bhubaneswar over large-scale tax evasion allegations

Documents And Assets Under Scanner

Sources said the seized materials include property sale deeds, bank transaction records, accounting ledgers, and digital data suspected to reveal fund layering and asset transfers across multiple states.

The financial trail is being analysed to determine the extent of money laundering and identify potential beneficiaries.

The ED confirmed that the investigation remains ongoing and that further actions will be taken based on the findings of the searches. The agency has also indicated that more individuals linked to the company’s financial dealings could be summoned for questioning.