hi guys, need some BMW help

mate's got an E46 320D (its an 03 model, think its 150bhp one) and its developed a fault, when trying to accelerate you get a distinct lack of power accompanied by a distinctive whistling/whooshing noise and lots of smoke from the exhaust.

the only fault that shows on a diagnostics machine of for the glow control module (or somthing like that) which i'm assuming is unrelted as it starts fine.

my thoughts on this is that its got a split pipe/boost leak somewhere, but havent had a look anywhere yet.
any commn problems? i know a lot of BMWs suffer from split inlet pipes in some areas, is the 320d one of these? if so wheres the first place to look?

ta