On Saturday, an Official stated, the Directorate of Enforcement (ED) carried out raids at seven locations in Ahmedabad and Mumbai and confiscated Rs 13.50 crore in alleged criminal proceeds.
In the Nashik district’s Malegaon town, the seizure pertains to a case filed on November 7 against the Nashik Merchant Cooperative (NAMCO) Bank.
In response to a report, the Malegaon Chavani Police Station filed a formal complaint last month over a mysterious deposit of over Rs 100 crore in 14 newly-opened bank accounts at NAMCO Bank.
Siraj A M Harun Memon, who runs a hot and cold beverage company, was listed as the primary suspect in the police FIR. He and his accomplices allegedly utilized “identity documents of various innocent persons (obtained by false promises / monetary considerations) to layer and transfer the proceeds of the crime”.
Later, the case, was probed by the ED as the suspicious transactions in multiple states came just week before the November 20 Maharashtra Assembly elections.
According to ED investigation, at least 5 identical accounts were maintained with the Bank of Maharashtra, Nashik Branch.
The ED examined the money trail of “debit transactions” from the five accounts with BoM and the 14 accounts at NAMCO Bank that were established via different online banking channels.
The startling outcome was that the funds from these accounts were transferred to 21 sole proprietary concerns through debit transactions, which also came under the ED’s radar.
An in-depth examination of the bank statements of the 21 sole proprietorships reveals that hundreds of crores of rupees in funds were transferred via Internet banking channels before being diverted to a number of other businesses that were allegedly fraudulent accounts.
The research then showed that a significant amount of money was taken out these dummy accounts in cash, including by Nagani Akram M Shafi and Vasim V Bhesaniya.
The duo then used “angadiyas” (traditional personal couriers) or “hawala” operators in Ahmedabad, Surat, and Mumbai to deliver the money to different organizations.
The ED claimed that Mehmood Bhagad, also known as Challenger King, gave the Bhesania-Shafi team orders to work together. The two were later detained on money-laundering allegations.
During around 25 searches conducted last month in Ahmedabad, Surat, Nashik, and Mumbai, the ED seized ₹5.20 crore in bank balances, along with digital evidence, damning documents, bank deposits, and other transactions.
Read Also: Gujarat Lokseva Trust’s Heartwarming Milestone: Completes 34 Years Of Compassion And Service
