New Delhi, June 16: The Enforcement Directorate (ED) on Tuesday conducted search operations at multiple locations across Delhi, Haryana and Goa in connection with an alleged money laundering investigation involving a suspected financial irregularity of around ₹155.21 crore that caused losses to Oriental Bank of Commerce and other consortium banks.
The searches were carried out by the ED’s Chandigarh Zonal Office at 11 premises reportedly linked to Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and others. The action was part of an ongoing probe into alleged financial transactions connected with Mahesh Timber Pvt Ltd.
The investigation was initiated following a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Mahesh Timber Pvt Ltd, its directors and other associated individuals under relevant provisions of the Indian Penal Code and the Prevention of Corruption Act.
According to officials, the case relates to allegations of fraudulent manipulation of banking facilities, particularly Foreign Letters of Credit (FLCs), through unauthorised SWIFT amendments without corresponding entries in the bank’s core banking system. Investigators have alleged that these actions resulted in wrongful losses amounting to approximately ₹155.21 crore to Oriental Bank of Commerce and other member banks of the consortium.
The ED initiated the searches to gather further evidence related to the alleged proceeds of crime, financial transactions and assets linked to the case. The agency is examining documents, digital records and other materials that may help establish the movement of funds and the involvement of individuals connected with the matter.
The raids were conducted with coordination from local authorities and security agencies. Officials said the action was based on inputs collected during the course of the investigation and aimed at tracing financial links associated with the alleged offence.
Cases involving banking fraud and money laundering have received increased attention in recent years as enforcement agencies have intensified efforts to track the misuse of financial systems. Authorities have maintained that such investigations are necessary to protect the integrity of banking institutions and ensure accountability in large-scale financial transactions.
The latest searches form part of the ED’s broader efforts to identify assets generated through alleged unlawful activities and proceed against those found involved as per provisions of the Prevention of Money Laundering Act (PMLA).
Further investigation into the matter is underway. Officials have indicated that additional action may follow depending on the evidence collected during the searches and subsequent analysis of financial records.
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