<h1>ED raids six locations in bank-fraud probe under Prevention of Money Laundering Act Section 17</h1> The Enforcement Directorate conducted searches at six Hyderabad locations linked to a bank-fraud case involving promoters and directors of a company and its affiliates. The investigation stems from an FIR by the Anti-Corruption Bureau alleging diversion and siphoning of loan funds sanctioned by a consortium of banks for a highway project. The company, set up as a special purpose vehicle, received Rs 1,700 crore in loans, which were funneled through multiple sub-contracting layers at reduced rates among group entities, resulting in fund diversion. Additionally, loan funds were improperly used to meet promoter contribution requirements. The project remained incomplete, turning the loan into a non-performing asset with an outstanding Rs 621.78 crore. Searches led to the seizure of financial and property documents valued at approximately Rs 120 crore, and 33 bank accounts of the companies and related individuals were frozen. Investigations are ongoing.