ED’s money laundering probe leads to raids across Maharashtra and Gujarat

Mumbai: The Enforcement Directorate (ED) conducted searches at more than 16 locations across Maharashtra and Gujarat on Thursday, investigating suspicious banking transactions worth ₹80-90 crore allegedly conducted by a Malegaon-based trader through misappropriated bank accounts.

₹1.8 crore held in two scrutinised bank accounts. (Getty image)” title=”During the raids, which extended into Thursday night, the agency froze approximately ₹1.8 crore held in two scrutinised bank accounts. (Getty image)” /> ₹1.8 crore held in two scrutinised bank accounts. (Getty image)” title=”During the raids, which extended into Thursday night, the agency froze approximately ₹1.8 crore held in two scrutinised bank accounts. (Getty image)” />

During the raids, which extended into Thursday night, the agency froze approximately ₹1.8 crore held in two scrutinised bank accounts, according to agency sources. Investigators are examining the role of hawala operators to trace the transactions’ beneficiaries and purposes.

The searches, conducted under the Prevention of Money Laundering Act (PMLA), targeted premises in Malegaon, Nashik, Mumbai, Ahmedabad and Surat. The transactions under investigation occurred during September and October.

The ED investigation stems from a Malegaon police case filed on November 7 against Siraj, a local trader operating a tea and cold drinks business, and his associates. The case originated from a complaint by an individual whose bank account was allegedly misused for unauthorised fund transfers.

According to the complaint, the primary accused collected Know Your Customer (KYC) details from 12 to 14 individuals, including the complainant, his brother, and their acquaintances, to open accounts at a Nashik-based cooperative bank.

The accused allegedly deceived victims by claiming he intended to establish a maize trading business at the Agricultural Produce Market Committee, Malegaon. He instructed them to open bank accounts purportedly for transferring money to farmers and promised employment at the market committee.

In one instance, an affected account reportedly saw transactions totalling ₹14 crore after its opening. Additionally, a fixed deposit of ₹2 crore was created in the account holder’s name, against which a loan of ₹1.9 crore was taken without the account holder’s knowledge.