The Enforcement Directorate (ED) conducted searches on Thursday across 23 locations in poll-bound Maharashtra and neighbouring Gujarat as part of an investigation into a Rs 100 crore money laundering case involving a Malegaon-based trader. The accused trader allegedly used forged documents and fake Know Your Customer (KYC) details to open multiple bank accounts for illicit financial transactions.
Raids were conducted in key cities, including Nashik, Surat, Ahmedabad, Malegaon and Mumbai, with a particular focus on uncovering hawala networks and identifying individuals involved in illegal banking operations.
The case originated from an FIR filed last week by Malegaon Police against a local trader, Siraj Ahmed Harun Meman, who operates a tea and cold drinks agency. According to the complaint, Siraj and his associates allegedly misused a bank account belonging to a local man for unlawful financial transactions. The investigation has raised suspicions that these accounts may have been used to channel election funds.
Siraj is alleged to have obtained KYC details, including PAN and Aadhaar cards, from about a dozen individuals under the pretext of starting a corn business. He reportedly assured them the funds were to be collected from farmers. Authorities allege that Siraj exploited economically vulnerable individuals, promising them jobs in Agricultural Produce Market Committees (APMCs) in exchange for their personal documents, which were then used to open bank accounts.
A total of 14 accounts were created in Nashik Merchant Cooperative Bank, facilitating 2,200 transactions. ED officials revealed that these accounts processed credits totalling Rs 112 crore and 315 debit transactions. Investigations are ongoing and the ED has promised further action as they uncover the full extent of the money laundering operation.
The raids come ahead of the Maharashtra Assembly elections scheduled for November 20, where 288 constituencies will vote in a single phase.
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