The probe apparently exposed an advanced global banking scams including a criminal conspiracy in between the business’s management and a senior bank
The Enforcement Directorate(ED )on Tuesday introduced synchronised raids throughout 11 areas in Delhi, Haryana, and Goa to penetrate money-laundering into a supposed 155.21 crore scams targeting the Oriental Bank of Commerce and a consortium of other banks.
Led by the ED’s Chandigarh Zonal Office, the crackdown concentrated on homes connected to Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, and Raman Singhal who are under the glare in the examined versus Mahesh Timber Pvt Ltd which is mostly participated in the import, trading, and sawing of wood and industrial wood items. They have primary workplaces in New Delhi and Karnal, Haryana.
The ED used up the First Information Report (FIR) signed up by the Central Bureau of Investigation (CBI) versus Mahesh Timber Pvt Ltd, its directors and others for offenses under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
criminal conspiracy
The probe supposedly exposed an advanced worldwide banking scams including a criminal conspiracy in between the business’s management and a senior bank supervisor at the OBC branch in Karnal, Haryana. The implicated business owned a subsidiary in Singapore called Mahesh Timber (Singapore) Ltd. Consequently, the business opened Foreign Letters of Credit (FLCs) to move funds.
According to the ED, the implicated fraudulently improved FLCs through declared unauthorised SWIFT modifications without corresponding entries in the bank’s internal core accounting software application ‘Finacle’, triggering a supposed wrongful loss of roughly 155.21 crore to Oriental Bank of Commerce and consortium banks.
The bank supervisor presumably turned over the initial monetary files straight to the implicated business without keeping workplace copies or charging the necessary change charges, the firm stated.
Authorities stated the raids have actually been in progress considering that early Tuesday in close coordination with the cops, based upon specific inputs versus the individuals implicated in the event.
Released on June 16, 2026
