The Enforcement Directorate (ED) has apprehended Deepak Singla from Mahesh Timber Pvt Ltd for allegedly orchestrating a bank fraud amounting to Rs 155 crore through false timber imports from Singapore. Singla was arrested under the Prevention of Money Laundering Act on May 18, 2026, following an investigation initiated by the ED based on a CBI FIR.
Transit remand was obtained from the Rouse Avenue Court, Delhi, and a 6-day remand from the Special PMLA Court, Panchkula, before Singla was placed in judicial custody for 14 days on May 26. The ED’s probe uncovered fraudulent fund transfers of around Rs 195.02 crore using manipulated Foreign Letters of Credit (FLCs) without actual timber imports.
Mahesh Timber, in collusion with entities in India and Singapore, allegedly falsified documents to deceive banks, causing a wrongful loss of Rs 155.21 crore to Oriental Bank of Commerce and consortium banks. The investigation also implicated other firms like Amazon Exports Pte Ltd, Mahesh Timber Singapore Pte Ltd, and Traffic Media India Pvt Ltd in the fraudulent scheme.
The ED’s search operation at various locations linked to individuals involved in the case led to the seizure of unaccounted cash, foreign currency, incriminating documents, and electronic devices. The agency highlighted the significant role played by Singla, along with other key figures, in the sham transactions related to the purported timber imports.
