The Enforcement Directorate (ED) has conducted searches at 11 locations across Delhi, Karnal and Goa in connection with a money laundering investigation linked to an alleged bank fraud of more than ₹155 crore involving Mahesh Timber Pvt Ltd and several individuals, including a Goa leader of the Aam Aadmi Party.
According to the agency, the searches were carried out on Tuesday at premises linked to Ashok Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and others. The probe relates to a case registered under the Prevention of Money Laundering Act (PMLA) and stems from a Central Bureau of Investigation (CBI) case alleging significant losses to a consortium of banks.
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PMLA Case Linked to CBI Investigation
The ED said the money laundering case is based on an FIR registered by the CBI under the Prevention of Corruption Act. Mahesh Timber Pvt Ltd is at the centre of the investigation, and Deepak Singla, identified as the Aam Aadmi Party’s Goa in-charge, has been named as an accused.
Investigators have alleged that the fraud resulted in losses of approximately ₹155.21 crore to Oriental Bank of Commerce and other consortium banks. The agency’s action forms part of efforts to examine the financial trail and transactions connected to the case.
Alleged Use of Forged Trade Documents
According to the ED, Deepak Singla, his brother Raman Singhal and their maternal uncle Ashok Kumar Mittal operated a network of interconnected firms in India and Singapore to carry out fraudulent transactions.
The agency alleged that foreign letters of credit originally sanctioned for Mahesh Timber amounted to ₹21.48 crore but were later fraudulently enhanced to ₹173.04 crore. Investigators claim the enhancement was achieved through forged bills of lading, bills of entry, contracts and other trade-related documents submitted to banks.
The ED further alleged that no actual import of timber took place despite the transactions reflected in the documentation.
Bank Official Also Under Scrutiny
The agency referred to proceedings before a Panchkula court involving Deepak Singla, noting that investigations by the CBI and the Directorate General of Systems and Data Management of the Central Board of Indirect Taxes and Customs had concluded that a majority of the import documents were fake, forged and fabricated.
The ED has also alleged the involvement of former Oriental Bank of Commerce branch manager Surender Kumar Ranga, who has since been terminated from service. According to the agency, Ranga allegedly agreed to enhance the letters of credit without limit after Ashok Mittal purportedly promised to settle him in Singapore.
The searches form part of the ED’s continuing investigation into the alleged fraud and the movement of funds connected to the case.
