MUMBAI: In the Nashik Merchant Co-operative Bank (NAMCO Bank) money laundering case, the Enforcement Directorate (ED) has seized cash amounting to ₹13.5 crore during searches at seven premises in Mumbai and Ahmedabad. The money laundering case relates to suspicious multi-crore transactions linked to the Nashik Merchant Co-operative Bank in Malegaon, Nashik. The transactions were made via several bank accounts by a group of persons including a local trader who misused bank accounts belonging to other persons.
A case was first registered on November 7 at the Malegaon Chawani Police Station in Nashik, regarding the depositing of large sums of money, estimated at over ₹100 crore, in 14 newly-opened accounts in the Nashik Merchant Co-operative Bank in Malegaon, Nashik. The case was registered against one Siraj Ahmed and his accomplices, who allegedly used the identity documents of various innocent persons. They were obtained via false promises or due to monetary considerations, to layer and transfer the proceeds of crime.
The ED’s probe revealed that five similar accounts were also allegedly maintained with the Bank of Maharashtra, Nashik. The ED’s money trail investigation of the involved debit transactions made through various modes of online banking channels from the 14 accounts maintained with the NAMCO Bank and five accounts maintained with the Bank of Maharashtra revealed that a majority of such amounts were transferred to 21 sole proprietary concerns, ED sources said.
An analysis of bank account statements of the said 21 accounts revealed that transactions of hundreds of crores of rupees were credited into these accounts mostly through online banking channels, which were further transferred to the accounts of various companies. Further analysis of the statements of these accounts revealed that sums running into hundreds of crores of rupees were then withdrawn in cash from such dubious accounts.
The ED’s investigation revealed that one Nagani Shafi and Vasim Valimohmad Bhesaniya allegedly withdrew large sums of cash from the accounts of various dummy entities and distributed it to angadiyas (hawala operators) in Ahmedabad, Mumbai and Surat. They allegedly worked under the instructions of one Mehmood Bhagad alias ‘Challenger King’ alias ‘MD’. Shafi and Bhesaniya have been arrested by the ED.
Earlier, the ED had carried out searches at around 25 premises in Mumbai. Surat, Ahmedabad and Nashik in November, which resulted in the seizure of incriminating documents, digital evidence, fixed deposits and bank balances amounting to ₹5.2 crore.