ED Conducts Raids in Multiple States Over Alleged Banking Fraud
The Enforcement Directorate has initiated a series of raids in Delhi, Haryana, and Goa as part of an investigation into a significant money laundering case. Allegations suggest that Mahesh Timber Private Limited and its associates caused substantial financial losses to Oriental Bank of Commerce and other banks through fraudulent activities. The raids are linked to a First Information Report filed by the Central Bureau of Investigation, highlighting unauthorized modifications in banking transactions. This operation aims to uncover the extent of the alleged fraud and gather evidence against those involved.
| Jun 16, 2026, 15:59 IST
ED's Raids Linked to Major Money Laundering Case
The Enforcement Directorate (ED) executed searches at 11 locations across Delhi, Haryana, and Goa on Tuesday. This operation is part of an investigation into a money laundering case involving alleged financial losses of approximately ₹155.21 crore to Oriental Bank of Commerce and consortium banks. The ED's Chandigarh zonal office initiated the raids in connection with Mahesh Timber Private Limited, targeting locations associated with Ashok Mittal, Saurabh Dhingra, Bharat Bhushan Mittal, Raman Singhal, and others in Karnal, Haryana, Delhi, and Goa.
This investigation stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Mahesh Timber Private Limited, its directors, and others under the Indian Penal Code (IPC) and the Prevention of Corruption Act. According to the ED, the accused allegedly inflated the amounts of 'Foreign Letters of Credit' (FLCs) through unauthorized SWIFT modifications in 'Finacle' without any relevant entries. This fraudulent activity reportedly caused significant financial damage to Oriental Bank of Commerce and consortium banks, amounting to ₹155.21 crore. Authorities indicated that the raids commenced early Tuesday morning based on information received regarding the accused individuals, in collaboration with local police.