ED's money laundering probe leads to arrest in Malegaon bank fraud case

ED) has arrested Bhesaniya Valimohd in connection with a money laundering investigation involving suspicious transactions at a Malegaon-based bank

Mumbai: The Enforcement Directorate (ED) has arrested Bhesaniya Valimohd in connection with a money laundering investigation involving suspicious transactions at a Malegaon-based bank, where multiple accounts were allegedly misused by a local trader and his associates.

According to the ED investigation, Valimohd was working with another accused, Nagani Shafi, to withdraw cash from the bank. ((PIC FOR REPRESENTATION))

According to the ED investigation, Valimohd was working with another accused, Nagani Shafi, to withdraw cash from the bank. The probe revealed suspicious cash withdrawals worth approximately ₹196 crores within a four to five-month period this year, potentially involving collusion with bank officials.

Investigators say Valimohd conducted withdrawals despite not being an account holder, raising questions about his authority to access any accounts. During a search of his premises, the ED discovered hundreds of ₹5 notes, allegedly intended for distribution through hawala transactions.

On Tuesday, Valimohd appeared before a special court in Mumbai and was remanded to ED custody until December 11. His legal team contested the allegations, stating that their client is innocent. They maintained that Valimohd works as a salaried employee for someone identified as 'MD', earning ₹33,000 monthly, and conducted the withdrawals under MD's instructions.

In November, the ED had arrested Shafi for allegedly facilitating the procurement of identity documents used to open the bank accounts under investigation. Sources within the ED claim that approximately ₹125 crores were transferred through hawala channels and shell companies.

The investigation stems from a case registered by Malegaon police on November 7 against S Ahmed, who operated a tea and cold drinks business, and his associates. The case originated from a complaint by an individual whose bank account was allegedly misused for unauthorised fund transfers. The primary accused allegedly obtained KYC details from 12 to 14 individuals, including the complainant, his brother, and their associates, to open accounts at a Nashik-based cooperative bank.