Karnal trader held for bank loan fraud

New Delhi, May 25

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The Enforcement Directorate (ED) today said it has arrested Karnal-based businessman Ashok Kumar Mittal, director of Mahesh Timber Private Limited, for allegedly defrauding a bank of Rs 155 crore in a loan default case.

Mittal was taken into custody under criminal provisions of the Prevention of Money Laundering Act (PMLA) and was produced before a special court in Panchkula on Tuesday, the ED said in a statement, while informing that he was remanded to the agency’s custody for four days.

The ED filed a PMLA case after perusing a CBI FIR against Mittal and others for criminal conspiracy, cheating, forgery and criminal misconduct of public servant, it said.