Kumar Bahukhandi
Mumbai Zone Enforcement Directorate (ED) today raided 7 places in Ahmedabad and Mumbai, seizing cash worth Rs 13.5 crore. The raids were conducted in connection with the alleged fraud and money laundering case at Malegaon’s Nashik Merchant Co-operative Bank (NMCO Bank). ED officials said that the action was taken against Malegaon businessman Siraj Ahmed Haroon Memon, who had carried out transactions worth more than Rs 100 crore by misusing the accounts of Nashik Merchant Co-operative Bank.
On November 7, the Malegaon police registered a case under the Prevention of Money Laundering Act (PMLA) against Siraj Menon, who runs a tea and cold drink agency, and some of his associates. Investigation revealed that lakhs of rupees were sent to 21 different entities in transactions made at NMCO and Bank of Maharashtra.
Huge amount withdrawn from accounts of dummy entities
ED investigation revealed that crores of rupees were withdrawn from the accounts of several “dummy” entities, which were sent to Ahmedabad, Mumbai and Surat through hawala operators. In this case, ED has detected transactions worth more than Rs 100 crore.
More than 170 bank branches under ED’s investigation
ED suspects that election money has been used. More than 2,500 transactions and about 170 bank branches in states like Maharashtra, Gujarat, Uttar Pradesh, Madhya Pradesh, Haryana, Odisha and West Bengal are the subject of ED investigation. ED has arrested Aghani Akram Mohammad Shafi and Wasim Wali Mohammad Bhesania in this case as money has been deposited or withdrawn from these accounts.
Investigation of scam continues
This action of the Enforcement Directorate (ED) gives a strong message against the increasing cases of banking scam. Officials say that investigations into other people and entities involved in the scam are still ongoing so that all the culprits are brought to justice. This matter is not only related to financial security, but also to the security of the identity and data of common citizens.
Such investigations and actions make it clear that the security of the country’s financial system and citizens is of utmost importance because financial fraud, irregularities done through banks and misuse of citizens’ personal information can pose a big threat to society.
