The Directorate of Enforcement (ED), Hyderabad Zonal Office, on Friday conducted search operations at seven premises across Hyderabad, Secunderabad and Medchal-Malkajgiri in Telangana under the Prevention of Money Laundering Act (PMLA), an official statement said on Saturday.

The raids targeted the registered office of M/s Kanakadhara Ventures Pvt. Ltd. (KVPL), the residences of its directors, and premises linked to entities and individuals alleged to have acted as conduits for the diversion of bank funds.

The searches form part of an ongoing investigation into the alleged “misutilisation” and diversion of credit facilities sanctioned to KVPL and its directors, the ED statement said.

The ED case stems from an FIR dated December 8, 2022, registered by the Central Bureau of Investigation, Bank Securities and Fraud Branch (BS&FB), Bangalore, on a complaint from Punjab National Bank.

The FIR alleges offences under Sections 120-B, 420, 468 and 471 of the Indian Penal Code, and provisions of the Prevention of Corruption Act, 1988.

According to the agency, a consortium of banks led by Punjab National Bank — comprising IDBI Bank, Union Bank of India, Andhra Bank (now UBI) and Bank of Baroda — suffered a loss of Rs 326.49 crore.

ED investigations revealed that Bank Guarantee and Letter of Credit facilities granted to KVPL were misused. Funds were allegedly diverted through related and conduit entities on the strength of fabricated steel purchase invoices and transport documents.

The company is also accused of operating bank accounts outside the consortium arrangement without the knowledge of the lending banks, the statement said.

During the searches, officials seized incriminating documents, digital devices and other records related to the diversion and layering of funds. Unaccounted cash amounting to Rs 15 lakh was also recovered.

Multiple immovable properties and investments linked to the case have been identified.

ED said further investigation is underway.

The coordinated action underscores the agency’s continued focus on tracing the proceeds of bank frauds and cracking down on complex money-laundering networks involving corporate entities.

The macroeconomic environment remains challenging, with crude oil emerging as a key source of uncertainty for domestic markets, analysts said on Saturday, as the Indian equities endured a challenging, holiday-shortened week, with benchmark indices extending their losses.

Nifty 50 and Sensex recorded weekly declines of approximately 2.4 per cent and 2.2 per cent, respectively.

Both benchmark indices extended their losing streaks to four consecutive sessions.

The sell-off spread beyond large-cap stocks, with mid-cap and small-cap indices experiencing sharper declines as investors reduced exposure amid rising uncertainty, said market participants.

The Nifty 50 ended the week under pressure, after declining for four consecutive sessions. Persistent selling has weakened the short-term technical structure, with the index struggling to sustain its earlier recovery.

The immediate resistance zone is placed around 22,800, followed by 23,000, said analysts. For the Sensex, on the downside, 72,600–72,500 forms the immediate support zone.

The broader market took the brunt of the de-risking, as valuation concerns and the unwinding of leveraged positions triggered a disproportionately sharp correction in mid- and small-caps, while large-caps held up comparatively better.

Across sectors, IT was the lone pocket of resilience, recovering from early selling to end the week largely unchanged on improving earnings visibility and renewed investor appetite.

However, rate-sensitive sectors such as consumer durables, metals and realty saw the heaviest selling as input-cost and margin worries resurfaced, said analysts.

Brent crude oil rose to a six-month high on Friday. Brent futures gained 3.1 per cent to close at $116.72 a barrel, highest since April 29. US West Texas Intermediate added 3.8 per cent to settle at $103.27 a barrel.

Brent added 6.2 per cent for the week, while WTI advanced 2 per cent for the week.

According to analysts, sustained increases in crude prices could raise energy and transportation costs, weigh on consumption and intensify pressure on oil-sensitive sectors.

The Enforcement Directorate (ED) has provisionally attached an immovable property spread over approximately 14.51 acres in Kolkata valued at Rs 85.20 crore, in connection with a bank fraud and money laundering case involving M/s Unity Infraprojects Ltd. (UIL) and others, the agency said on Friday.

According to the ED, the attached land, located at Mouza Chakgaria in Kolkata, is held in the name of M/s Suburban Agriculture Dairy & Fisheries Pvt. Ltd. (SADAFPL). The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The money laundering investigation stems from an FIR registered by the CBI’s Bank Securities & Fraud Branch in Mumbai on a complaint lodged by the State Bank of India.

The FIR alleges that UIL, in connivance with its promoters, directors and associated entities, defrauded a consortium of 23 banks by availing credit facilities of around Rs 3,200 crore. The total outstanding dues, including interest, are estimated at approximately Rs 3,800 crore.

According to investigators, the fraud involved fictitious transactions, round-tripping of funds, manipulation of financial records, and diversion of funds through shell entities.

The ED said its probe revealed that funds from UIL were routed through its wholly owned subsidiary, Unity Realty & Developers Ltd. (URDL), and subsequently used to acquire and hold assets through associated companies. SADAFPL was identified as a step-down subsidiary of UIL through URDL.

Further investigations established a trail linking the Chakgaria land parcel to funds originating from UIL and its group entities, indicating diversion and layering of proceeds generated from the scheduled offences. The property was attached under Section 5(1) of the PMLA to prevent its transfer or disposal pending confiscation proceedings.

The agency noted that in July 2025 it had conducted searches at residential and commercial premises, as well as bank lockers, linked to UIL, its former directors and their family members. During those operations, movable assets worth Rs 31.21 crore were seized or frozen.

The ED had also attached land parcels and flats valued at about Rs 1,493 crore through three separate provisional attachment orders, all of which were later confirmed by the Adjudicating Authority under the PMLA.

With the latest attachment, the total value of movable and immovable assets attached or frozen in the case has risen to about Rs 1,609 crore, the agency said.

The ED further informed that it filed a prosecution complaint before the Designated Special Court, City Civil and Sessions Court, Greater Bombay, Mumbai, on March 27, 2026.

Further investigation is underway.