New Delhi, May 25 : The Enforcement Directorate (ED) on Wednesday claimed to have arrested one Ashok Kumar Mittal, Director of Mahesh Timber Private Limited, Karnal, Haryana in connection with a Rs 195 crore money laundering case pertaining to a bank loan fraud. The ED initiated money laundering investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) for criminal conspiracy, cheating, forgery and criminal misconduct of public servant against Company, its directors and others. "Mittal, the key director of Mahesh Timber Private Limited, in connivance with bank official had fraudulently got Letter of Credits limit enhanced from Rs 21 crore to Rs 195 crore, which were diverted to his Singapore based related entities on account of fake imports," said the ED official. The official said that the accused caused overall wrongful loss to the bank to the tune of Rs 155 crore and wrongful gains to themselves in this manner. Mittal had to be arrested as he was non-cooperative during investigation and resorted to withholding of relevant information and was misleading the investigation. After his arrest, he was produced before a Special Court, Panchkula, Haryana on May 24. The court has remanded him to ED custody for 4 days. Now ED officials will record his ststements, he will also be confronted with documents and evidences. Further Investigation in the matter is on. /IANS