ED Arrests Director of Mahesh Timber Pvt. Ltd in a Bank Fraud Case of Rs.155 Crore

ED Arrests Director of Mahesh Timber Pvt. Ltd in a Bank Fraud Case of Rs.155 Crore The Directorate of Enforcement (ED) has arrested Ashok Kumar Mittal, Director of M/s. Mahesh Timber Private Limited, Karnal, Haryana on 23.05.2022 in a bank fraud case under the Prevention of Money Laundering Act (PMLA), 2002. The ED launched a money laundering probe based on a FIR filed by the CBI in New Delhi for criminal conspiracy, cheating, forgery, and criminal misconduct of a public servant against the company, its directors, and others. Ashok Kumar Mittal is the principal director of M/s. Mahesh Timber Private Limited, which illegally increased the Letter of Credit limit from Rs.21 Crore to Rs.195 Crore, which was transferred to Ashok Kumar Mittal's Singapore-based connected firms due to bogus imports. In this manner, they caused a total wrongful loss to the bank of Rs.155 Crore as well as unjust benefits to themselves. More invvestigation is being conducted.