Searches carried out across Odisha, Delhi, Uttarakhand and Punjab; crucial documents on property and fund diversion seized
Bhubaneswar – The Enforcement Directorate (ED) on Tuesday carried out a series of multi-state searches under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 across Odisha, Delhi, Uttarakhand, and Punjab, in connection with an ongoing investigation into a ₹73-crore bank loan fraud involving M/s S.R. Alcobev Pvt. Ltd. and its associated entities.
The raids are part of a larger probe into allegations of financial irregularities and fraudulent diversion of funds obtained from Punjab National Bank and Indian Bank (formerly Allahabad Bank).
Investigation Initiated on CBI’s FIR
According to ED officials, the money laundering investigation stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), which had invoked scheduled offences under the PMLA.
During the searches, the agency reportedly seized a trove of incriminating documents and digital evidence, indicating the diversion of loan proceeds from S.R. Alcobev Pvt. Ltd. to its related companies, including M/s Brewforce Technologies, and several other connected entities and business partners.
Documents Linked to High-Value Properties Seized
In addition to financial records, the ED also recovered documents related to several high-value properties worth crores of rupees.
Preliminary findings suggest that these assets were acquired using illegitimate funds (proceeds of crime) generated through the fraudulent loan transactions.
Loan Diversion and Misuse of Bank Funds
The probe has revealed that S.R. Alcobev Pvt. Ltd. availed credit facilities amounting to ₹73 crore from the aforementioned banks.
Instead of utilizing the funds for approved business purposes, the company allegedly diverted the money through its associate firms and front entities, thereby deceiving the lending institutions and causing substantial financial loss to the public exchequer.
ED Probing Role of Directors and Beneficiaries
The Enforcement Directorate has initiated a comprehensive investigation into the roles of company directors, beneficiaries, and intermediaries involved in the suspected fraud.
A forensic audit of financial transactions, loan utilization, and investment trails is also underway to trace the complete chain of money flow.
An ED official, speaking on condition of anonymity, said:
“The agency is determined to trace every layer of the fraudulent network and ensure that illegally acquired assets are identified, seized, and confiscated under the provisions of law.”
Part of ED’s Broader Crackdown on Economic Crimes
This operation forms part of the ED’s broader crackdown on financial crimes, money laundering, and bank fraud, aimed at ensuring greater transparency and accountability in India’s financial ecosystem.
Officials confirmed that further investigation is ongoing, and more searches and summonses are expected in the coming days as evidence is analyzed and key individuals are questioned
