The Enforcement Directorate (ED) launched a nationwide raid that spanned Odisha, Delhi, Uttarakhand, and Punjab, seizing key documents tied to a Rs 73 crore bank‑loan scam. The operation, led by the ED’s Bhubaneswar unit, was carried out on October 29 under the Prevention of Money Laundering Act (PMLA) 2002.
Agents recovered and shut down a string of incriminating papers that exposed how S R Alcobev Private Limited tricked Punjab National Bank and Indian Bank (formerly Allahabad Bank) into handing over a huge loan. Instead of using the money for legitimate business, the company funneled the funds into other firms—including Brewforce Technologies—and purchased high‑value property.
The ED’s investigation began after the Central Bureau of Investigation (CBI) filed a complaint under PMLA. The seized documents show that directors of S R Alcobev misused the loan to buy assets and finance undisclosed projects. The case also highlights how the company tapped into sister concerns and associated entities to divert the sanctioned money.
Investors and officials say the fraud has cost the government and the borrowers dearly. The ED is now probing the roles of key executives, directors, and beneficiary entities. More evidence is expected to surface as the agency digs deeper into the network that lifted the loan for non‑approved purposes.
Source: ianslive
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