New Delhi: ED Raids 11 Locations in ₹155 Cr Bank Fraud Case as the Enforcement Directorate launched a major crackdown in the ₹155.21 crore bank fraud investigation. Authorities targeted multiple locations across Delhi, Karnal, and Goa during coordinated search operations. Officials acted swiftly as the case entered a crucial stage of investigation.
ED Raids Bank Fraud Case Across Multiple States
The ED carried out coordinated searches at properties linked to Mahesh Timber Private Limited. In addition, investigators searched locations connected to businessman Ashok Mittal, Saurabh Dhingra, Bharat Bhushan Mittal, and Raman Singhal.
Moreover, officials said the agency stepped up action after receiving inputs from the CBI FIR. The ED also widened its probe to track money laundering activities linked to the case.
CBI FIR Triggers Major Investigation
The CBI registered the case against Mahesh Timber Private Limited, its directors, and several associated individuals. According to investigators, the accused manipulated Foreign Letter of Credit (FLC) limits without approval.
Furthermore, they allegedly tampered with SWIFT messaging systems to inflate credit limits. However, they did not update the Finacle banking system, which raised serious red flags during audit checks.
ED Raids Bank Fraud Case Uncovers ₹155.21 Crore Loss
Investigators confirmed that the alleged fraud caused a loss of around ₹155.21 crore to Oriental Bank of Commerce and its banking consortium.
As the probe progressed, ED officials tracked financial transactions and examined banking records in detail. Consequently, the agency focused strongly on the money laundering trail connected to the case.
ED Intensifies Search Operations
ED teams continued search operations across all 11 locations. They collected documents, digital records, and financial evidence during the raids.
Meanwhile, officials questioned several individuals linked to the company. They also verified banking transactions to identify illegal fund movements.
In addition, the agency expanded its investigation based on new evidence collected during the raids.
Focus on Money Laundering Angle
The ED now investigates how the alleged fraud money moved through different accounts. Officials examine shell entities and suspicious transactions to trace the full network.
Moreover, investigators believe the fraud involved systematic manipulation of banking systems. Therefore, the agency continues to analyze digital and financial records.
Key Highlights of the news:
- ED Raids 11 Locations in ₹155 Cr Bank Fraud Case
- Searches conducted in Delhi, Karnal, and Goa
- Case linked to Mahesh Timber Pvt Ltd
- ₹155.21 crore alleged bank fraud exposed
- CBI FIR triggered ED investigation
- Officials found SWIFT system manipulation
- Money laundering probe continues
