New Delhi, July 14 -- In one of the biggest bank loan fraud investigations, the Enforcement Directorate (ED) carried out raids at 15 locations across Mumbai, Pune, Goa and Chennai in connection with an alleged Rs.450 crore bank loan fraud. The case primarily involved Talwalkars Better Value Fitness Ltd (TBVFL), one of the nation's largest chains of gyms and health clubs, reported Indian Express.

The ED's probe stems from several FIR's registered by the Mumbai Economic Offences Wing (EOW) along with other police authorities. The promoters and directors of TBVFL are accused of siphoning off funds taken as loans and non convertible debentures (NCDs) from Laxmi Vilas Bank and Axis Bank.

Furthermore, during the conduction of raids, the agenc...