The Enforcement Directorate raided several locations in Gujarat and Maharashtra on Thursday to investigate money laundering case involving a dealer from Malegaon who reportedly used unapproved bank accounts to execute transactions totaling more than Rs 100 crore. In accordance with PMLA regulations, the agency searched 23 locations in Malegaon, Nashik, Mumbai, Ahmedabad, and Surat.
A recent police FIR against Siraj Ahmed Harun Meman, a local trader who owns a tea and cold drink company, and his colleagues served as the impetus for the investigation. Concerns over potential election finance routing were raised by a complainant who claimed that his bank account had been used unlawfully and without authorization.
According to reports, the principal accused collected the KYC information of roughly a dozen people to open accounts at Nashik Merchant Cooperative Bank. They claimed that the accounts were required for transactions with farmers involved in a corn business venture.
Using associates’ KYC documents, the suspect allegedly created two more accounts. According to PTI sources, these 14 accounts were made between September and October.
According to those sources, the ED is searching for more evidence, including possible Hawala ties, and has discovered transactions totaling more over Rs 100 crore.
Investigators think that by using the banking credentials of regular people as proxy accounts, the accused may be using these accounts to transfer money for specific people.
The PTI sources claim that although electoral malfeasance is being investigated, no solid proof has surfaced yet.
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