The Enforcement Directorate (ED) recently conducted raids at multiple locations in Maharashtra and Gujarat as part of a probe into suspicious banking transactions worth ₹80-90 crore allegedly carried out by a trader based in Malegaon. The agency froze approximately ₹1.8 crore held in two bank accounts during the searches, which lasted into the night.
Investigators are now looking into the role of hawala operators in tracing the beneficiaries and purposes of these transactions. The raids were conducted under the Prevention of Money Laundering Act (PMLA) in cities like Malegaon, Nashik, Mumbai, Ahmedabad, and Surat. The transactions in question took place between September and October.
The ED’s investigation was triggered by a police case filed in Malegaon on November 7 against Siraj, a local trader involved in the tea and cold drinks business, and his associates. The case was initiated following a complaint from an individual whose bank account was allegedly misused for unauthorized fund transfers.
According to the complaint, Siraj collected Know Your Customer (KYC) details from several individuals, including the complainant and their acquaintances, to open accounts at a cooperative bank in Nashik. He allegedly deceived them by claiming to set up a maize trading business at the Agricultural Produce Market Committee in Malegaon, asking them to open bank accounts for money transfers to farmers and promising job opportunities at the market committee.
One affected account reportedly had transactions amounting to ₹14 crore shortly after its creation, with a fixed deposit of ₹2 crore made in the account holder’s name. A loan of ₹1.9 crore was taken against this fixed deposit without the account holder’s consent.
The investigation is ongoing, and the ED is working to unravel the complexities of the money laundering scheme. The agency is determined to hold those involved accountable for their actions and ensure that justice is served. Stay tuned for further updates on this developing story.
