<h1>Alleged bank loan fraud and money laundering probe leads to arrest, asset attachments and nine days custodial remand</h1> A former corporate president was arrested under money laundering allegations linked to an alleged Rs. 40,000 crore bank loan fraud by group companies; the federal probe agency obtained nine days custodial remand. The agency alleges acquisition, possession, concealment, layering and dissipation of proceeds of crime, and diversion of alleged laundered funds through multiple foreign subsidiaries and offshore entities. The agency has attached shares and mutual funds held in the name of the accuseds spouse and continues an ongoing investigation into asset diversion and financial flows related to the alleged bank fraud.