ED Conducts Multi-State Searches in ₹73 Crore Bank Loan Fraud Case Involving M/s S R Alcobev Pvt. Ltd.

Headnote:

The Enforcement Directorate (ED) conducted extensive multi-state search operations under the Prevention of Money Laundering Act, 2002 (PMLA), targeting M/s S R Alcobev Pvt. Ltd. and its associates for allegedly perpetrating a ₹73 crore bank loan fraud on Punjab National Bank and Indian Bank (formerly Allahabad Bank). The investigation revealed systematic diversion of sanctioned loan funds to related entities, acquisition of immovable properties using diverted proceeds, and large-scale financial irregularities causing loss to public sector banks.

Background:

• The investigation was initiated by ED on the basis of an FIR registered by the Central Bureau of Investigation (CBI), which invoked scheduled offences under the PMLA, 2002.

• M/s S R Alcobev Pvt. Ltd. had availed credit facilities aggregating ₹73 crore from Punjab National Bank and Indian Bank.

• In collusion with sister concerns and related entities, the company allegedly siphoned off sanctioned funds for non-approved purposes, thereby defrauding the lending banks.

• The ED conducted coordinated search operations across Odisha, Delhi, Uttarakhand, and Punjab on 29 October 2025.

• The searches were aimed at tracing the diversion of loan funds and identifying properties and assets acquired using proceeds of crime.

ED’s Observations:

• Incriminating documents were recovered, evidencing the diversion of bank loan funds from M/s S R Alcobev Pvt. Ltd. to M/s Brewforce Technologies and other linked companies and associates.

• Documents relating to property worth several crores were seized, indicating acquisition of assets using diverted loan funds.

• The ED confirmed the existence of a network of shell entities used to launder and layer the diverted money.

• The ongoing probe seeks to identify the roles of directors, key managerial personnel, and ultimate beneficiaries involved in the fraudulent transactions.

• The investigation is focused on establishing the money trail and the extent of the financial losses caused to the public sector banks.

• Further investigation is in progress.

Legal Provisions Discussed:

• Sections 3 & 4, Prevention of Money Laundering Act, 2002 (PMLA) – Offence of money laundering and punishment thereof.

• Section 5, PMLA – Power to provisionally attach properties derived from proceeds of crime.

• Scheduled Offences under PMLA – Bank fraud and criminal conspiracy as defined under the Indian Penal Code, 1860 and offences under the Banking Regulation Act, 1949.

• Section 45, PMLA – Cognizance and bail provisions for money-laundering offences.

• The FIR by CBI formed the predicate offence enabling ED action under PMLA for tracing proceeds of crime and attaching assets derived therefrom.

Citation: 2025:ED:PR:03.11.25

Case: M/s S R Alcobev Pvt. Ltd. & Others

Agency: Directorate of Enforcement (ED), Bhubaneswar Zonal Office

Date of Release: 3 November 2025

Press Reference: ED Press Release dated 03.11.2025