New Delhi, May 21 : The Enforcement Directorate (ED) said on Saturday that it recently carried out search operations at eight residential and commercial premises in Bhubaneswar in connection with a bank fraud case pertaining to GDS Builders Pvt. Ltd., Surnag Builders Pvt. Ltd., and others. An ED official said that during the searches, cash amounting to Rs 15 lakh, gold jewellery weighing 1.978 kg worth Rs 1.13 crore, sales deeds of certain properties, various incriminating documents and certain electronic devices were recovered, which were duly seized. The ED initiated PMLA investigation based on three FIRs and charge sheets filed by the CBI under various sections of the IPC and the Prevention of Corruption Act against GDS Builders Pvt. Ltd, its director Uma Shankar Patro, Surnag Builders Pvt. Ltd, three officials of Union Bank of India (UBI), Nayapalli Branch, Bhubaneswar, other private builders and individual borrowers. During investigation, it was revealed that the director and the builders in collusion with certain bank officers of Union Bank of India hatched a conspiracy in 2017 wherein the housing loan amounts were initially sanctioned to the borrowers and the same were subsequently credited to the accounts of the director/builders on behalf of borrowers without verifying the details of the real-estate projects. These borrowers were arranged by the director/builders and their loan applications were dishonestly processed/accepted by the bank officials without proper verification and in violation of the bank guidelines. "The loan amounts were subsequently misused for purposes other than the approved objective of the sanction and accordingly misappropriating public money to the tune of Rs 18.79 crore in collusion with their family members, close relatives and other accomplices. /IANS