<h1>ED raids 35+ sites probing Rs 3,000 crore bank loan fraud under Prevention of Money Laundering Act</h1> The Enforcement Directorate conducted raids at over 35 locations linked to around 50 companies and 25 individuals in Mumbai and Delhi, investigating alleged money laundering related to a Rs 3,000 crore bank loan fraud involving a major corporate group and a private bank. The probe focuses on illegal loan diversion between 2017 and 2019, with allegations that the bank's promoters received funds in their entities before loan approvals. Investigations reveal possible bribery, back-dated credit approval documents, and violations of the bank's credit policies, including lack of due diligence. The case is based on multiple FIRs filed by the Central Bureau of Investigation and reports from financial regulatory authorities. The agency is examining the nexus between the loan approvals and illicit financial transactions under the Prevention of Money Laundering Act.