The Bhubaneswar wing of the Enforcement Directorate (ED) said that on Tuesday it carried out extensive multi-state search operations in connection with an alleged ₹73 crore bank loan fraud involving SR 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 raids were conducted across Odisha, Delhi, Uttarakhand and Punjab. The central agency confirmed that the raids were in connection with an investigation into the alleged diversion and misuse of funds obtained through fraudulent bank loans.
The probe is said to have been initiated following complaints that SR Alcobev Pvt Ltd received loans of ₹73 crore from PNB and Indian Bank (earlier Allahabad Bank) on the basis of false representation and fabricated documents.
The ED's case follows earlier First Information Reports (FIRs) and charge sheets filed by the concerned banks and the Central Bureau of Investigation (CBI) over the financial irregularities. Under PMLA provisions, proceeds of crime and related assets are now being identified for possible attachment.
Sources confirmed 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 currently being analysed to determine the full 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.
Also read: ED conducts first FEMA raids in Nagaland
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