ED raids 23 locations in Maharashtra, Gujarat over Malegaon trader bank fraud

The Enforcement Directorate (ED) conducted massive raids across 23 locations in poll bound Maharashtra and neighbouring Gujarat on Thursday as part of an investigation into a money laundering case involving a Malegaon-based trader. The trader allegedly used fake documents and fake Know Your Customer (KYC) details to open numerous bank accounts, which facilitated transactions worth over Rs 100 crore.
The raids targeted key premises in cities including Nashik, Surat, Ahmedabad, Malegaon, and Mumbai, with a particular focus on uncovering hawala transactions and identifying those involved in illegal banking operations.
The money laundering case stems from a Malegaon Police FIR filed last week against a local trader named Siraj Ahmed Harun Meman, who runs a tea and cold drinks agency apart from some of his associates.
The complainant in the case is a man whose bank account was allegedly misused for illegal transactions, triggering speculation that the accounts were misused for routing election funds.
It is alleged that Siraj took KYC details (PAN, Aadhaar etc.) of about a dozen people to open bank accounts in the Nashik Merchant Cooperative Bank as he told these persons that he wanted to start a corn business and hence needs to take money from farmers.
Authorities allege that Ahmed exploited individuals from poor backgrounds, luring them with promises of jobs in Agricultural Produce Market Committees (APMC) in exchange for their personal documents to open bank accounts.
A total of 14 such accounts were opened, with 2,200 transactions carried out through these accounts.
According to ED officials, the total credit amount processed through these accounts was Rs 112 crore, while there were also 315 debit transactions. Investigations are ongoing, and the ED has promised further action as they uncover the full extent of the money laundering operation.
Polls for the 288 assembly seats in Maharashtra are slated to be held in a single phase on November 20.