Chandigarh/New Delhi: The Directorate of Enforcement (ED), Chandigarh Zonal Unit, has conducted extensive searches at 11 premises linked to Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal, and others in Karnal, Delhi, and Goa.
The raids were carried out on June 16, 2026, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED said in a press note on Wednesday.
The ED initiated the 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 Indian Penal Code, 1860, and the Prevention of Corruption Act.
The case involves the fraudulent enhancement of Foreign Letters of Credit (FLCs) by unauthorised SWIFT amendments without corresponding entries in Finacle, resulting in a wrongful loss of approximately Rs 155.21 crore to Oriental Bank of Commerce and consortium banks, it said.
During the investigation, the ED revealed that M/s Mahesh Timber Pvt. Ltd., in conspiracy with associated entities and persons in India and Singapore, fraudulently transferred funds amounting to nearly Rs 195.02 crore through manipulated FLCs without any genuine import of timber. Customs verification established that a substantial number of bills of entry and bills of lading submitted to banks were forged and fabricated.
The probe further exposed a complex network involving M/s Amazon Exports Pte. Ltd., M/s Mahesh Timber Singapore Pte. Ltd., M/s Traffic Media India Pvt. Ltd., M/s Mahesh Resources Pvt. Ltd., M/s Pearl Maritime PTE Ltd., M/s BVM Shipping PTE Ltd., and others.
These entities were allegedly used as a nexus to create fake import transactions of timber from Singapore to India, enabling the manipulation of Oriental Bank of Commerce accounts and the fraudulent transfer of enhanced value of FLCs against fictitious imports, the press note said.
The role of Ashok Kumar Mittal and Raman Singhal, along with Deepak Singla, has come to the fore. Ashok Kumar Mittal and Raman Singhal held key managerial and directorial positions in several of these companies during the relevant period. Investigation has also revealed sham transactions relating to the purported sale and purchase of imported timber without genuine imports, it said.
During the searches, sale deed agreements from the premises of Sourabh Dhingra were recovered, along with incriminating documents and electronic devices, which were seized under relevant sections of the PMLA. Further investigation is underway to trace the proceeds of crime derived from defrauding Oriental Bank of Commerce.
(IANS)
