India


ED conducts raids in ₹155.21 crore bank fraud-linked money laundering case

New Delhi, June 16 (UNI) The Enforcement Directorate (ED) is conducting search operations at 11 premises linked to Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and others in Karnal, Delhi and Goa in connection with its investigation against Mahesh Timber Pvt. Ltd. in a money laundering case linked to an alleged bank fraud involving ₹155.21 crore.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) on the basis of a CBI FIR registered against Mahesh Timber Pvt. Ltd., its directors and others for offences under the IPC and the Prevention of Corruption Act.
The case pertains to the alleged fraudulent enhancement of Foreign Letters of Credit (FLCs) through unauthorised SWIFT amendments without corresponding entries in the Finacle banking system, resulting in a wrongful loss of ₹155.21 crore to Oriental Bank of Commerce and other consortium banks.
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