New Delhi, October 14 (Daily Kiran): The Enforcement Directorate (ED) on Tuesday conducted raids across several states in connection with an alleged ₹70 crore bank loan fraud case. The searches were carried out as part of a money laundering investigation under the Prevention of Money Laundering Act (PMLA), 2002.
According to official sources, the agency launched simultaneous raids at around four locations in Delhi, Hyderabad, Jaipur, and Mumbai. The action follows a CBI FIR filed against Yashdeep Sharma and his family members, who are accused of diverting bank loan funds through multiple shell entities.
Sources said Sharma and his relatives allegedly defrauded Punjab and Sind Bank by taking a loan of ₹70 crore in the name of their companies and later diverting the funds to other entities under their ownership and control. These firms, officials added, had no genuine business operations and were used merely to reroute the money.
The ED is examining financial documents and digital records recovered during the searches to trace the flow of funds and identify other individuals or entities possibly involved in the laundering process.
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