Mumbai, June 18, 2026: A major financial fraud case linked to the electric vehicle (EV) sector has surfaced after a senior executive of an EV technology company accused a Mumbai-based automobile designer of cheating him out of ₹53 lakh through alleged misrepresentation, questionable financial transactions, and breach of trust.

The complaint, filed with the MIDC Police, led to the registration of a First Information Report (FIR) on June 15. The case was initiated following allegations made by Jayesh Thakkar, Director of Mercury EV-Tech Limited and co-promoter of Mercury Cars Pvt Ltd.

According to police sources, the accused allegedly cultivated a close business relationship with the complainant over several months by presenting himself as an experienced automotive professional capable of developing advanced electric vehicle models. Investigators claim the relationship was strengthened through personal narratives that helped build confidence and trust between the parties.

Business Partnership Led to Investment Discussions

The dispute reportedly began in 2024 when discussions were held regarding the development and modification of electric vehicles. As part of the proposed collaboration, a vehicle was sent to the designer’s Pune workshop for technical work, leading to a series of meetings and negotiations between both sides.

During subsequent discussions, the accused allegedly proposed a restructuring plan involving a separate business entity, claiming it would streamline operations and facilitate future expansion. Based on these representations, the parties entered into a Memorandum of Understanding (MoU) outlining operational responsibilities and financial commitments.

The agreement reportedly granted the accused authority to oversee certain business activities in exchange for a monthly remuneration package. The complainant also alleges that he was encouraged to make substantial investments as part of a broader business acquisition and expansion strategy.

Financial Irregularities Raise Red Flags

The partnership reportedly came under scrutiny after concerns emerged regarding financial transparency and the handling of project-related payments. The complainant claims that several transactions associated with vehicle modification projects were not routed through official company accounts as expected.

Further examination of financial records allegedly revealed inconsistencies in fund management and prompted a detailed review of the business arrangement. During this process, the complainant reportedly became aware of other legal disputes involving the accused, increasing concerns about the legitimacy of the partnership.

Alleged Diversion of Project Funds

The complaint states that in March 2025, two vehicles were brought in for modification work with invoices totaling approximately ₹1.77 crore. However, investigators are examining allegations that a portion of these funds was not deposited into the company’s designated accounts.

Police are specifically investigating claims that ₹53 lakh was transferred directly to the accused’s personal bank accounts, while some payments were allegedly received outside formal banking channels.

Police Examining Financial Trail

MIDC Police officials confirmed that an investigation is underway and that no arrests have been made so far. Authorities are reviewing bank statements, contractual agreements, digital communications, and transaction records to determine whether the alleged fraud was part of a deliberate scheme.

Investigators are also analyzing the financial trail linked to the MoU and related investment arrangements to establish accountability and verify the flow of funds.

Growing Concerns in Startup and EV Ecosystem

The case has attracted attention within business and startup circles because it highlights the risks associated with trust-based partnerships, high-value investments, and rapidly growing EV ventures. Experts note that emerging industries often attract significant capital, making robust due diligence and financial oversight essential.

Police officials stated that additional questioning of individuals connected to the transaction is ongoing. Further developments are expected as investigators continue examining banking and digital evidence.

The investigation remains active.

The Enforcement Directorate (ED) has intensified its investigation into an alleged land allocation scam in Lucknow, widening the scope of the case to include suspected money laundering, financial misconduct, and possible links between influential individuals and administrative officials.

The case centers on the Bahujan Nirbal Varg Cooperative Housing Society and has already attracted significant attention following allegations of irregular land allotments and misuse of authority. With the ED now formally involved, investigators are examining whether illegal financial gains generated through the alleged scheme were routed through complex transactions to conceal their origin.

Financial Crime Angle Brings New Focus

The matter was initially under review by state vigilance authorities after complaints raised concerns about questionable land distribution practices. However, the investigation has now entered a more serious phase after the ED initiated action under the Prevention of Money Laundering Act (PMLA), signaling potential financial crimes beyond administrative violations.

Officials believe the case may involve a broader network that benefited from irregular land allocations and manipulated procedures to secure valuable properties.

Key Reports Sought From Government Agencies

As part of the ongoing probe, the ED has requested important inquiry reports from the Lucknow Development Authority (LDA) and the Housing and Development Council. Investigators consider these documents crucial for understanding how land allotments were processed and whether established regulations were deliberately bypassed.

Sources indicate that the agency has sought the reports on an urgent basis to assist in identifying potential financial beneficiaries and tracing the movement of funds linked to the alleged transactions.

Alleged Nexus Between Officials and Land Operators Under Scrutiny

Investigators are examining allegations that a coordinated network involving intermediaries, officials, and alleged land operators may have influenced allotment decisions. Preliminary findings suggest that eligible applicants could have been overlooked while plots were allegedly transferred to individuals connected to the suspected network.

Authorities are now reviewing records to determine whether land allotment procedures were manipulated to generate unlawful profits.

Focus Shifts to Money Trail and Assets

The ED is reportedly analyzing banking transactions, investment records, property acquisitions, and possible benami assets connected to individuals under scrutiny. Investigators aim to establish whether proceeds generated through the alleged irregularities were layered through multiple financial channels to disguise their source.

The financial investigation is expected to include a detailed examination of asset ownership patterns, fund transfers, and corporate links that may reveal the extent of the suspected operation.

Larger Land Scam Network May Emerge

Officials believe the case could uncover a wider system of irregularities involving cooperative housing projects and government-linked land allocations. Investigators are also studying the role of facilitators who may have helped execute transactions or influence administrative processes.

The parallel investigations by vigilance authorities and the ED have increased speculation that additional individuals could come under scrutiny as new evidence emerges.

Possibility of Enforcement Action

Legal experts note that if evidence of money laundering is established, authorities could move toward asset attachment proceedings, deeper financial audits, and potential enforcement action against those found responsible.

For now, agencies are focused on analyzing documentary evidence, transaction records, and digital financial trails. Officials say the investigation remains active, and further disclosures may reveal the full scale of the alleged land allotment and financial irregularity network.

The probe is continuing, with authorities expected to expand their review as additional records and financial data become available.

The Enforcement Directorate (ED) has intensified its investigation into an alleged bank fraud exceeding ₹155 crore by carrying out coordinated searches at 11 locations across Delhi, Haryana, and Goa. The operation is part of an ongoing money laundering probe involving Mahesh Timber Pvt. Ltd. and several individuals accused of orchestrating a large-scale financial fraud.

The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA) and targeted premises associated with multiple suspects, including business associates and individuals allegedly connected to the company’s financial transactions.

Probe Originates From CBI Fraud Case

According to officials, the ED’s investigation is based on a case initially registered by the Central Bureau of Investigation (CBI), which alleged significant financial losses to a consortium of banks led by Oriental Bank of Commerce.

Among those named in the investigation is Deepak Singla, who has been identified as an accused in the case. Authorities are examining the movement of funds and the alleged laundering of proceeds generated through fraudulent banking transactions.

Investigators estimate that the alleged scam caused losses of approximately ₹155.21 crore to lending institutions.

Allegations of Forged Import and Trade Documents

The ED claims that a network of interconnected firms operating in India and overseas was used to facilitate the alleged fraud. Investigators allege that key individuals associated with the case manipulated banking facilities by submitting forged trade-related documents to secure higher credit limits.

According to the agency, foreign letters of credit initially approved for a much smaller amount were allegedly increased substantially through the use of fabricated bills of lading, import records, contracts, and other supporting documents.

Authorities further suspect that several transactions shown as international timber imports may not have involved any actual movement of goods, raising concerns about the authenticity of the underlying trade activities.

Investigators Examine International Financial Links

The money laundering probe is also focusing on the financial relationships between entities based in India and Singapore. Officials believe these connections may have played a role in facilitating the alleged diversion and concealment of funds.

The ED stated that evidence collected so far points toward a coordinated effort to obtain bank financing through misrepresentation and falsified documentation.

Former Bank Official Under Investigation

The agency is also examining the role of a former branch manager of Oriental Bank of Commerce who allegedly approved enhanced credit facilities despite irregularities in documentation.

Investigators suspect that internal lapses and possible collusion may have contributed to the execution of the alleged fraud. The former official has already been removed from service, and authorities are assessing his involvement in the transactions under scrutiny.

Financial Trail Under Examination

The latest searches are aimed at gathering additional evidence related to the movement of funds, ownership structures of linked entities, and the utilization of alleged proceeds of crime.

Officials said the investigation remains ongoing, and further action may follow based on evidence collected during the raids. The agency continues to analyze financial records, banking transactions, and cross-border dealings connected to the case.

The probe highlights growing enforcement efforts against large-scale banking frauds and financial crimes that impact public sector lenders and the broader financial system.