New Delhi, March 29 The Enforcement Directorate (ED) on Wednesday said it has attached three immovable properties and one movable property located at Karnal in Haryana worth Rs 3.54 crore belonging to one Ashok Kumar Mittal, Director of Mahesh Timber Pvt. Ltd in connection with a money laundering case.
The ED initiated a money laundering investigation against Mahesh Timber Pvt. Ltd and its director Ashok Kumar Mittal and others on the basis of the FIR registered by CBI under various sections of IPC and the Prevention of Corruption Act for criminal conspiracy, cheating, forgery and criminal misconduct of public servant.
The ED has learnt that Mahesh Timber Pvt. Ltd in connivance with bank officials had fraudulently transferred funds amounting to Rs 173.03 crore overseas, against the actual letter of credit limit of Rs 21.47 crore. It caused a wrongful gain to the accused, and bank suffered a loss to the tune of Rs 155 crore.
"Bank loan funds were diverted to related entity of the Director registered in Singapore and money was siphoned off. We earlier provisionally attached immovable property in the form of plots located at Mansa in Punjab worth Rs 7.52 crore in this case. Ashok Kumar Mittal was arrested by the ED on May 23, 2022. The accused is currently in judicial custody," an official said.
The ED filed a chargesheet in the Special PMLA Court at Panchkula in Haryana, against Ashok Kumar Mittal, Mahesh Timbers Pvt Ltd and others on July 20, 2022.
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