Mumbai: The Mumbai Zonal Office of the Enforcement Directorate (ED) seized assets worth Rs 14.53 crore in search operations under Prevention of Money Laundering Act (PMLA) as part of an ongoing probe in a bank fraud case, at eight locations in Mumbai and Yamuna Nagar, Haryana.

The case involves M/s Sharon Bio Medicine Ltd, Mohan Prasad Kala, Savita Satish Gowda, Lalit Shambu Misra and others.

Movable assets ie bank funds and demat accounts to the tune of Rs.14.53 crore were seized/frozen along with various other incriminating documents, digital devices and immovable property related documents, said an ED official on Friday.

The ED had initiated investigation on the basis of an FIR registered by CBI, ACB, Mumbai against M/s Sharon Bio Medicine Limited (SBML) and others for allegedly committing fraud against banks by using bogus documents. SBML had allegedly caused loss to the banks of Rs 220 crore. Investigations revealed that SBML was availing credit facilities from various banks allegedly using forged documents and bogus contracts, and allegedly diverted the funds for creation of assets