You have 1 or more fuel injectors that are stuck open. 100% positive. I see this in the shop daily. If you have been driving like this for a while you have also destroyed your catalytic converters (both) on that bank. The raw fuel is dumping into the cat and melts them. They clog the secondary cat. This can also get back into the motor and cause serious damage to your vacuum pump, which would be that squealing noise. Driving your car in this condition causes major major damage.
The N63 uses the same fuel injectors and when they do this it occasionally hydro locks the motor and bends the connecting rods.
BMW master tech
2010 E92 335i 6-speed 25k miles. - For sale.
1989 E30 325i coupe 5-speed DD