NEW DELHI: The Enforcement Directorate conducted raids on Thursday across multiple sites in Maharashtra and Gujarat, investigating a money laundering case involving a Malegaon-based trader who allegedly conducted transactions exceeding Rs 100 crore using unauthorised bank accounts. The agency searched 23 locations in Malegaon, Nashik, Mumbai, Ahmedabad and Surat under PMLA provisions .
The investigation originated from a recent Malegaon Police FIR against Siraj Ahmed Harun Meman, a local trader operating a tea and cold drinks business, along with his associates.
A complainant reported unauthorised use of his bank account for illegal transactions, raising concerns about possible election fund routing .
The primary accused reportedly obtained KYC details from approximately twelve individuals to establish accounts at Nashik Merchant Cooperative Bank, claiming the accounts were needed for transactions with farmers in a corn business venture.
The suspect allegedly established two additional accounts using KYC documents from associates. PTI sources indicate these 14 accounts were created between September and October. According to those sources, the ED has identified transactions surpassing Rs 100 crore and is conducting searches to uncover additional evidence, including potential Hawala connections.
Investigators believe the accused might be utilising these accounts to channel funds for certain individuals by exploiting banking credentials of ordinary citizens as proxy accounts.
Whilst electoral misconduct is being investigated, no substantial evidence has emerged thus far, according to the PTI sources.
Maharashtra's 288 assembly constituencies are scheduled for voting on November 20.
The investigation originated from a recent Malegaon Police FIR against Siraj Ahmed Harun Meman, a local trader operating a tea and cold drinks business, along with his associates.
A complainant reported unauthorised use of his bank account for illegal transactions, raising concerns about possible election fund routing .
The primary accused reportedly obtained KYC details from approximately twelve individuals to establish accounts at Nashik Merchant Cooperative Bank, claiming the accounts were needed for transactions with farmers in a corn business venture.
The suspect allegedly established two additional accounts using KYC documents from associates. PTI sources indicate these 14 accounts were created between September and October. According to those sources, the ED has identified transactions surpassing Rs 100 crore and is conducting searches to uncover additional evidence, including potential Hawala connections.
Investigators believe the accused might be utilising these accounts to channel funds for certain individuals by exploiting banking credentials of ordinary citizens as proxy accounts.
Whilst electoral misconduct is being investigated, no substantial evidence has emerged thus far, according to the PTI sources.
Maharashtra's 288 assembly constituencies are scheduled for voting on November 20.
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