New Delhi: The Enforcement Directorate on Tuesday conducted multi-state searches as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 70 crore, official sources said.
Around four premises each in Delhi, Hyderabad, Jaipur and Mumbai are being searched under the Prevention of Money Laundering Act (PMLA), they said.
The ED action comes after the agency took cognisance of a CBI FIR against Yashdeep Sharma and his family members.
Punjab and Sindh Bank has alleged that Sharma and his family, through entities owned and controlled by them, “siphoned off” a loan of Rs 70 crore extended by the bank, the sources said.
They said loan funds were allegedly diverted to various entities owned and controlled by Sharma which were not engaged in any business activity.
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