ED Cracks Down on Multi-City Loan Fraud Probe

The Enforcement Directorate is conducting searches across multiple states in connection with a Rs 70 crore bank loan fraud. The investigation follows a CBI FIR naming Yashdeep Sharma and his family for allegedly siphoning off loan funds through various controlled entities not engaged in legitimate business activities.

The Enforcement Directorate (ED) on Tuesday launched a search operation across multiple states as part of an investigation into an alleged Rs 70 crore bank loan fraud, according to official sources.

Officers from the ED are conducting searches at approximately four locations each in Delhi, Hyderabad, Jaipur, and Mumbai under the Prevention of Money Laundering Act (PMLA).

The agency's actions follow a Central Bureau of Investigation (CBI) FIR targeting Yashdeep Sharma and his family. Punjab and Sindh Bank have accused Sharma and his family of siphoning a loan through entities they control, which allegedly diverted the funds for non-business purposes.

(With inputs from agencies.)