Chandigarh: The Enforcement Directorate (ED) on Monday carried out searches at 11 locations across Haryana, Delhi and Goa as part of an ongoing money laundering investigation linked to an alleged bank fraud involving Mahesh Timber Pvt Ltd.
According to officials, the searches were conducted by the ED’s Chandigarh zonal office at premises associated with Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and other individuals connected to the case. The raids covered multiple locations in Karnal, Delhi and Goa.
The investigation stems from a Central Bureau of Investigation (CBI) FIR registered against Mahesh Timber Pvt Ltd, its directors and others under provisions of the Indian Penal Code and the Prevention of Corruption Act.
The case relates to the alleged fraudulent enhancement of Foreign Letters of Credit (FLCs) through unauthorised amendments made via the SWIFT banking messaging system without corresponding entries being recorded in the Finacle core banking platform.
Investigators allege that the manipulation enabled the accused to obtain enhanced credit facilities illegally, resulting in a wrongful loss of approximately ₹155.21 crore to the erstwhile Oriental Bank of Commerce and other consortium banks.
Officials said the searches were aimed at gathering evidence related to the alleged diversion and laundering of funds generated through the suspected fraud. Further details regarding recoveries and seizures made during the operation are awaited.
The ED is examining the money trail and the role of various individuals and entities linked to the transactions under scrutiny.
