The Enforcement Directorate (ED) Mumbai Zone-II on Friday conducted fresh searches at seven locations in Gujarat and Mumbai in connection with the Malegaon money laundering case where the accused allegedly misused the bank accounts of local residents in the Nashik Merchant Cooperative Bank (NAMCO). Bank), Malegaon, and allegedly withdrew Rs 196 crore in five months, the agency said on Friday.
In a recent operation, the agency seized proceeds of crime in the form of cash worth Rs 13.5 crore. In Mumbai, the agency raided some Angadia operators.
On November 7, the Malegaon Chawani Police Station, Nashik took the first action against the culprits with more than Rs 100 crore being deposited in 14 newly opened accounts at Namco Bank, Malegaon, Nashik.
An FIR was registered against Siraj Ahmad Mohammad Haroon Memon and his accomplices who “folded and transferred the proceeds of crime using identity documents (obtained through false promises / monetary considerations) of various innocent persons”.
The ED later registered a money laundering case based on the Malegaon police case.
An investigation by the ED revealed that five similar accounts were also maintained at the Bank of Maharashtra, Nashik branch.
A money trail investigation by the ED of “debit transactions” through various modes of online banking channels from 14 accounts maintained at NAMCO Bank and five accounts at Bank of Maharashtra revealed that most of the funds were transferred to 21 sole proprietorships.
An analysis of the bank statements of the 21 accounts revealed that transactions worth hundreds of crores of rupees were deposited in them, mostly through online banking channels, which were further transferred to the accounts of various firms/companies, the ED said.
The investigation also showed that huge amounts of cash up to hundreds of crores of rupees were withdrawn from these accounts.
ED officials found that two other persons, Nagni Akram Mohammad Shafi and Wasim Walim Mohammad Vesania, withdrew huge amounts from the accounts of dummy entities and distributed them to Angadia operators based in Ahmedabad, Mumbai and Surat, the investigating agency said.
They worked under the direction of Mahmood Bhagad aka Challenger King. Nagni Akram Mohammad Shafi and Wasim Walim Mohammad Vesania were already arrested under Section 19 of PMLA, 2002.
Earlier, the ED had conducted search operations at around 25 premises in Mumbai, Surat, Ahmedabad and Nashik last month, resulting in the seizure of incriminating documents, digital evidence, FDs and bank balances of Rs 5.2 crore.