ED raids 11 premises in Rs 155 cr bank fraud, money laundering case

The ED raided 11 premises in Delhi, Haryana, and Goa in a Rs 155.21 crore money laundering case. The searches were against Ashok Mittal and others linked to Mahesh Timber Pvt Ltd, accused of defrauding Oriental Bank of Commerce.

The Enforcement Directorate (ED) on Tuesday carried out searches at 11 premises across Delhi, Haryana and Goa in connection with an alleged money laundering case involving an alleged wrongful loss of approximately Rs 155.21 crore to Oriental Bank of Commerce and consortium banks, officials said.

Probe Targets Key Accused

ED's Chandigarh Zonal Office launched the search operation at these premises allegedly linked with Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and others in Haryana's Karnal, Delhi and Goa in relation to the investigation against Mahesh Timber Pvt Ltd.

Case Based on CBI FIR

The case is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Mahesh Timber Pvt Ltd, its directors and others for offences under the Indian Penal Code (IPC) and the Prevention of Corruption Act.

According to the ED, the accused fraudulently enhanced Foreign Letters of Credit (FLCs) through alleged unauthorised SWIFT amendments without corresponding entries in Finacle, causing an alleged wrongful loss of approximately Rs 155.21 crore to Oriental Bank of Commerce and consortium banks.

Officials said the raids have been underway since early Tuesday in close coordination with the police, based on certain inputs against the persons accused in the case.

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