Mumbai: ED Seizes Rs 13.5 Crore Cash In Malegaon Money Laundering Case During Fresh Raids
Mumbai, 7th December 2024: The Enforcement Directorate (ED) Mumbai Zone-2 conducted fresh searches on Friday at seven locations in Gujarat and Mumbai in connection with the Malegaon money laundering case. The accused are alleged to have misused the bank accounts of residents in Nashik Merchant Co-operative Bank (NAMCO Bank), Malegaon, withdrawing Rs 196 crore over five months. In the latest action, the agency seized Rs 13.5 crore in cash and raided angadia operators in Mumbai.
The investigation began on November 7, when Malegaon Chawani Police Station, Nashik, took action against the perpetrators after over Rs 100 crore was deposited into 14 newly opened accounts at NAMCO Bank. An FIR was filed against Siraj Ahmed Mohammad Harun Memon and his associates, who allegedly used fake identity documents to layer and transfer the proceeds of the crime. Based on this, the ED registered a money laundering case.
Further investigation revealed five similar accounts at the Bank of Maharashtra, Nashik Branch. The ED traced the money trail, uncovering that most funds were transferred to 21 sole proprietorship accounts. Bank statements from these accounts showed transactions involving hundreds of crores, mostly via online banking, with funds subsequently transferred to various companies and firms.
The probe also revealed that large sums were withdrawn in cash from these accounts. ED officials discovered that Nagani Akram Mohammad Shafi and Vasim Valimohmad Bhesaniya had withdrawn significant amounts from dummy entities and distributed the money among angadia operators in Ahmedabad, Mumbai, and Surat. These activities were carried out under the direction of Mehmood Bhagad, also known as Challenger King. Shafi and Bhesaniya have been arrested under section 19 of the PMLA, 2002.
Previously, the ED conducted searches at 25 premises across Mumbai, Surat, Ahmedabad, and Nashik, seizing incriminating documents, digital evidence, FDs, and bank balances worth Rs 5.2 crore.
