ED conducted multi-state searches across Odisha, Delhi, Uttarakhand and Punjab, and seized incriminating documents in connection with a Rs 73 crore bank loan fraud involving a private company, an official said on Monday. During the search operations by ED's Bhubaneswar zonal unit, various incriminating documents and documents related to property worth several crores of rupees were recovered and seized in the case against S R Alcobev Private Limited and others, the official said in a statement. The search operations on October 29 were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. S R Alcobev Private Limited and others allegedly duped the Punjab National Bank and Indian Bank (erstwhile Allahabad Bank) of Rs 73 crore after seeking a bank loan by diverting the money for unauthorised use in other companies. The ED initiated investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) invoking scheduled offences under PMLA, 2002. During the searches, the ED recovered and seized incriminating documents which showed systematic diversion of loan funds from S R Alcobev Private Limited to Brewforce Technologies and other associated companies, entities, and business associates. Additionally, multiple documents related to property worth several crores of rupees were recovered and seized, indicating acquisition of assets using diverted funds, the statement said. The ED investigation revealed that S R Alcobev Private Limited had availed credit facilities aggregating Rs 73 crore from the banks, but its officials misused the facility to acquire illegal assets and fund business activities of other associates. In collusion with sister concerns and related entities, the company siphoned off the sanctioned funds for purposes other than those approved, thereby defrauding the lending institutions and causing substantial loss to the government exchequer, said the complaint registered against the company. The ED has initiated a detailed probe into the role of individuals, directors, and beneficiary entities linked to the fraud and more evidence against the suspects are likely to be collected in due course, the statement added.