Under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) attached assets worth Rs 7.52 crore belonging to the director of Haryana-based Mahesh Timber Private Limited on Friday.
According to officials, Ashok Kumar Mittal’s attached immovable properties are in the form of plots and land in Punjab’s Mansa. On the basis of a FIR filed by the CBI, the ED began a money laundering investigation into Haryana’s Karnal-based company Mahesh Timber, its director Ashok Kumar Mittal, and others for alleged criminal conspiracy, cheating, forgery, and criminal misconduct of a public servant.
The ED alleges that the company fraudulently transferred funds worth Rs 173.03 crore to overseas in connivance with bank officials, despite a letter of credit limit of Rs 21.47 crore. A loss of Rs 155 crore was suffered by the bank.
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