<h1>Enforcement agency conducts multi-state searches in PMLA probe of Rs 346.08 crore alleged bank fraud and fund diversion</h1> Enforcement agency conducted coordinated searches across multiple states in a money-laundering probe under the PMLA linked to a February 2025 criminal complaint alleging a Rs 346.08 crore bank fraud by a Haryana-based power-sector company now in liquidation and its promoters. The investigation follows allegations that loan proceeds obtained under a multiple-bank facility were siphoned to related entities through fictitious job work, circular transactions and unrecovered advances, leading to defaults, NPA classification in 2015 and an RBI-reported fraud in 2024. Forensic audit cited diversion of funds and misappropriation of assets causing creditor losses; searches targeted premises tied to the accused entities.