Kolkata, June 21 (UNI) The Enforcement Directorate (ED) has seized many valuables, including gold jewellery worth over Rs 2.57 crore and over Rs 10 lakh in cash during raids at properties belonging to Shri Shyam Bearing Ltd in a bank fraud case under the provisions of Prevention of Money Laundering Act (PMLA, official sources said on Saturday.

The raid and search operations by the ED were conducted on Thursday following registration of an FIR by the CBI under various sections of IPC alleging that the private firm and its associated entities defrauded the State Bank of India (SBI) between 2008 and 2015 by submitting forged documents to fraudulently avail loans causing a loss of Rs.12.08 crore to the PSU.

"The fraud involved the use of forged property title deeds, including one that belonged to a deceased

person and another that had already been sold, to secure and renew loan limits," the ED statement said.

The investigation by the ED has revealed that Shri Shyam Bearing Pvt. Ltd. has siphoned the loan money through various shell entities. During the search operation on Thursday, the ED seized many incriminating documents and obtained statements of key persons in the cheating case.

The ED seized Rs.10.10 lakh in cash and gold jewellery weighing 2.752 kg valued at Rs 2.57 crore.

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