ED seizes Rs 13.5 crore cash in Malegaon coop-linked PMLA case

December 07, 2024 00:51

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The Enforcement Directorate on Friday seized Rs 13.5 crore cash following a fresh round of searches in connection with a money laundering investigation linked to alleged irregularities in a Malegaon-based cooperative bank, officials said.

Seven premises in Ahmedabad and Mumbai were raided by the central probe agency during the day, they said. The officials said Rs 13.5 crore in cash has been seized.

The ED had conducted searches last month in Maharashtra and Gujarat in the case registered against a Malegaon-based trader, Siraj Ahmed Harun Meman, who allegedly misused bank accounts of various people in the Nashik Merchant Co-operative Bank to carry out transactions worth more than Rs 100 crore.

The money laundering case, filed under the Prevention of Money Laundering Act , stems from a November 7 Malegaon Police FIR filed against Meman, who runs a tea and cold drinks agency, and some of his associates.

The money trail investigation conducted by the ED of "debit transactions" made through accounts maintained with NAMCO Bank and with the Bank of Maharashtra shows that the "majority of such amounts were transferred to 21 sole proprietary concerns", the officials said.

Transactions worth hundreds of crores were credited to these accounts, mostly through online banking channels, and were further transferred to various firms and companies, they said. -- PTI

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