New Delhi, Oct 14 (PTI) The Enforcement Directorate on Tuesday conducted multi-state searches as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 70 crore, official sources said.

Around four premises each in Delhi, Hyderabad, Jaipur and Mumbai are being searched under the Prevention of Money Laundering Act (PMLA), they said.

The ED action comes after the agency took cognisance of a CBI FIR against Yashdeep Sharma and his family members.

Punjab and Sindh Bank has alleged that Sharma and his family, through entities owned and controlled by them, "siphoned off" a loan of Rs 70 crore extended by the bank, the sources said.

They said loan funds were allegedly diverted to various entities owned and controlled by Sharma which were not engaged in any business activity. PTI NES DIV DIV

Bank loan fraud probe triggers multi state searches under PMLA over alleged Rs 70 crore diversion. Multi state searches were conducted under the Prevention of Money Laundering Act in a probe into an alleged Rs 70 crore bank loan fraud, based on a CBI FIR and the lending bank's allegation that the accused diverted loan funds through entities they owned or controlled which conducted no genuine business activity.