The Enforcement Directorate (ED) on Friday morning conducted searches on eight premises across Delhi, Punjab and Uttar Pradesh in connection with the investigation against M/s Santosh Overseas Ltd and its related entities.

The premises being searched include those of the promoters, associated companies and facilitators.

The ED investigation arises from a CBI case relating to an alleged bank fraud involving approximately Rs 450 crore availed from a consortium of banks.

Investigation has revealed that the loan funds were allegedly diverted and layered through a network of shell entities, accommodation entry operators and related companies by way of fake invoices and circular financial transactions.