Bhubaneswar: The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, recently carried out an extensive multi-state search operations across Odisha, Delhi, Uttarakhand, and Punjab in connection with Rs 73 crore bank loan fraud.
According to an official release, the investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI) invoking scheduled offences under Prevention of Money Laundering Act (PMLA), 2002.
During the searches, the ED recovered and seized incriminating documents, evidencing systematic diversion of loan funds from S R Alcobev Pvt Ltd to Brewforce Technologies and other associated companies, entities, and business associates. Additionally, multiple documents related to property worth several crores of rupees were recovered and seized, indicating acquisition of assets using diverted funds.
Investigation revealed that S R Alcobev Pvt Ltd had availed credit facilities aggregating Rs 73 crore from Punjab National Bank and Indian Bank (erstwhile Allahabad Bank). ” In collusion with sister concerns and related entities, the company siphoned off the sanctioned funds for purposes other than
those approved, thereby defrauding the lending institutions and causing substantial loss to the government exchequer,” it said.
The ED has initiated a detailed probe into the role of individuals, directors, and beneficiary entities linked to the fraud, the release added.
