Don't really know but could be turbo failure? Might have seized before freeing up again (after cooling a bit).
You could take off the air hose to the turbo (from the air filter) and give the turbo a wiggle in and out and up and down. Also see if it spins freely and without noise.
Also consider something seizing on the auxiliary drive belt side, alternator, aircon pump, or a pulley.
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'04 V40 1.9D
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