MUMBAI: Funds from several suspicious bank accounts held with the Nashik Merchant Co-operative (NAMCO) Bank and another bank in Malegaon in Nashik district were transferred to certain individuals and entities based in Dubai, United Arab Emirates, in 2023, the money laundering investigation by the Enforcement Directorate (ED) has revealed.
The agency is now trying to identify the end users and the nature of the transactions made from 14 bank accounts, which were allegedly connected to two shell firms that were opened to facilitate the transactions. The bank accounts, agency sources said, were opened using personal documents of unrelated persons. The transactions were made by a group of people, including a local trader, who misused bank accounts belonging to other people.
The agency is trying to establish the whereabouts of a man who apparently fled to Dubai after the racket came to light, the sources said, adding that they are also trying to find out the purpose for which the funds were transferred and the source of the funds.
A case was registered on November 7, 2024, at the Malegaon Chawani police station in Nashik, regarding the deposit of large sums of money, estimated at over ₹100 crore, in 14 new accounts in the Nashik Merchant Co-operative Bank in Malegaon.
The ED probe revealed that five similar accounts were also allegedly maintained with the Bank of Maharashtra, Nashik. The money trail investigation of the debit transactions made through various modes of online banking channels from the 14 accounts maintained with the NAMCO Bank and five accounts maintained with the Bank of Maharashtra revealed that the majority of such amounts were transferred to 21 sole proprietary concerns, ED sources said.
{{/usCountry}}The ED probe revealed that five similar accounts were also allegedly maintained with the Bank of Maharashtra, Nashik. The money trail investigation of the debit transactions made through various modes of online banking channels from the 14 accounts maintained with the NAMCO Bank and five accounts maintained with the Bank of Maharashtra revealed that the majority of such amounts were transferred to 21 sole proprietary concerns, ED sources said.
{{/usCountry}}An analysis of bank account statements of the 21 accounts revealed that transactions of hundreds of crores of rupees were credited into these accounts, mostly through online banking channels, which were further transferred to the accounts of various companies. Further analysis of the statements of these accounts revealed that sums running into hundreds of crores of rupees were then withdrawn in cash from such dubious accounts.
In December, the ED seized cash amounting to ₹13.5 crore during searches at seven premises in Mumbai and Ahmedabad. Earlier, the ED had carried out searches at around 25 premises in Mumbai, Surat, Ahmedabad and Nashik, in November, which resulted in the seizure of incriminating documents, digital evidence, fixed deposits and bank balances amounting to ₹5.2 crore.
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