The Chandigarh Zonal Office of the enforcement directorate (ED) on Tuesday conducted searches at 11 premises across Karnal, Delhi and Goa. The premises are linked to Ashok Kumar Mittal, Sourabh Dhingra, Bharat Bhushan Mittal, Raman Singhal and others in connection with an alleged ₹155.21 crore fraud involving the Oriental Bank of Commerce and its consortium banks, officials said.
The case stems from a first information report (FIR) registered by the Central Bureau of Investigation (CBI) against Mahesh Timber Pvt. Ltd., its directors, and others on May 8, 2018, based on a complaint filed by the assistant general manager of the Oriental Bank of Commerce.
The FIR was registered for offences under the Indian Penal Code (IPC) and the Prevention of Corruption Act in connection with the fraudulent enhancement of foreign letters of credit (FLCs) through unauthorised SWIFT amendments without corresponding entries in Finacle, causing a wrongful loss of approximately ₹155.21 crore to the Oriental Bank of Commerce and its consortium banks.
The investigation revealed that the FLCs were allegedly enhanced to ₹173.03 crore from the original value of ₹21.47 crore. Forged bills of entry, bills of lading and other import documents were allegedly used to siphon off funds.
ED alleged that Deepak Singla, brother of co-accused Raman Singhal and nephew of main accused Ashok Kumar Mittal, played an active role in the conspiracy. Investigators claimed that Singla held directorial and managerial positions in entities linked to the fraud, including M/s Mahesh Timber Pvt Ltd and Traffic Media India Pvt Ltd, and was involved in layered financial transactions aimed at laundering proceeds of crime. Deepak Singla is the Goa in-charge of the Aam Aadmi Party (AAP).
{{/usCountry}}ED alleged that Deepak Singla, brother of co-accused Raman Singhal and nephew of main accused Ashok Kumar Mittal, played an active role in the conspiracy. Investigators claimed that Singla held directorial and managerial positions in entities linked to the fraud, including M/s Mahesh Timber Pvt Ltd and Traffic Media India Pvt Ltd, and was involved in layered financial transactions aimed at laundering proceeds of crime. Deepak Singla is the Goa in-charge of the Aam Aadmi Party (AAP).
{{/usCountry}}Singla was arrested by the ED on May 18, 2026, in connection with an enforcement case information report (ECIR) registered on September 5, 2019. According to the prosecution, M/s Mahesh Timber Pvt. Ltd. had set up a wholly owned subsidiary in Singapore that availed credit facilities from Singapore-based banks backed by standby letters of credit issued by a consortium of banks in India.