Malegaon bizman sent to ED custody in ₹125 cr suspicious transactions case

A special PMLA court on Thursday remanded Malegaon-based businessman, Seraj Ahmed Mohammad Harun Memon, booked by the Enforcement Directorate in connection with ₹125 crore suspicious banking transactions, in nine days of ED custody

MUMBAI: A special Prevention of Money Laundering Act (PMLA) court on Thursday remanded Malegaon-based businessman, Seraj Ahmed Mohammad Harun Memon, booked by the Enforcement Directorate in connection with ₹125 crore suspicious banking transactions, in nine days of ED custody, till December 27, 2024.

Malegaon bizman sent to ED custody in ₹125 cr suspicious transactions case

Memon and his associates are accused of fraudulently opening bank accounts and transferring funds amounting to ₹125 crore to shell companies.

The complaint was filed by a man, whose identity documents were allegedly used by Memon and his associates to establish shell companies, and to open bank account in the name of the shell companies at the Nashik Merchant Co-operative bank (NAMCO) in Malegaon, Nashik. As per the complainant, Memon collected the documents from the complainant and other persons by promising financial benefit or jobs.

The ED submitted before the court that an analysis of the 14 bank accounts maintained by the accused revealed that more than ₹118.4 crore were transferred or credited from the account of around 200 firms or companies within one to two months. The ED stated that Memon maintained five bank accounts with Bank of Maharashtra by using the identity documents of five individuals, including the complainant. While analysing these accounts, the ED said that they found ₹53.34 crore diverted to several accounts maintained in the name of various entities.

From the 14 bank accounts maintained with the NAMCO bank, around ₹14 crore were withdrawn in cash, which was transferred from Malegaon to Mumbai by Memon, ED said. The ED also said that during their search of Memon’s residence, various incriminating documents were seized which revealed that crores of rupees were remitted outside the country through those entities. Further, the ED submitted that Memon, along co-accused Nagani Akram Shafi visited the NAMCO Malegaon branch from October 7 to October 18, 2024, for making various banking transactions from the 14 NAMCO bank accounts.

Seeking his custody, the ED said that they require Memon’s custody to unearth the money trail and proceeds of crime concealed by him.

The special sessions judge AC Daga on Thursday remanded Memon to the custody of ED till December 27, 2024. Previously, the court had also remanded the co-associates of Memon, Nagani Akram Mohammad Shafi and Vasim Vali Mohammad Bhesaniya to the custody of ED as well.