IndiaPosted at: Jun 17 2026 6:18PM


ED conducts searches in Rs 155 cr bank fraud case linked to Mahesh Timber Pvt Ltd

New Delhi, June 17 (UNI) The Enforcement Directorate (ED), Chandigarh Zonal Unit, on Wednesday said it recently conducted 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 an ongoing investigation against M/s Mahesh Timber Pvt Ltd.
The ED initiated a PMLA investigation based on an FIR registered by the CBI, BSFB, New Delhi against M/s Mahesh Timber Pvt Ltd, its directors and others for offences under the IPC, 1860, and the Prevention of Corruption Act. The case pertains to the fraudulent enhancement of Foreign Letters of Credit (FLCs) through unauthorized SWIFT amendments without corresponding entries in the Finacle system, causing a wrongful loss of approximately ₹155.21 crore to Oriental Bank of Commerce and consortium banks.
The ED investigation revealed that M/s Mahesh Timber Pvt Ltd, in conspiracy with associated entities and individuals in India and Singapore, fraudulently transferred funds amounting to approximately ₹195.02 crore through manipulated FLCs without any genuine import of timber. Verification by Customs authorities established that a large number of Bills of Entry and Bills of Lading submitted to banks were forged and fabricated.
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