India, Aug. 28 -- The Enforcement Directorate (ED) has seized and frozen cash, jewellery and bank funds worth Rs.12.9 crore during searches in Mumbai and Vadodara in a money laundering probe into an alleged Rs.160.55-crore bank loan default involving Bilpower Limited, officials said on Thursday.

The agency carried out searches at seven residential and business premises in Mumbai and Vadodara and three bank lockers in Mumbai on Tuesday as part of its investigation against the private firm, its directors and associate companies.

The searches resulted in the seizure of Rs.43.90 lakh in cash and jewellery valued at Rs.12.20 crore. Two bank accounts containing around Rs.27 lakh were also frozen under the Prevention of Money Laundering Act (P...