Accused of suspicious bank transactions worth Rs 125 cr, remanded in ED custody | Mumbai News

MUMBAI: A special Prevention of Money Laundering Act (PMLA) court has sent 33-year-old Gujarat resident Akram Mohammad Shafi, who was arrested by the Enforcement Directorate (ED) on Wednesday in connection with a money laundering probe into bank transactions worth ₹125 crore, up to seven days ED custody.

The ED probe follows a police probe against a Malegaon-based trader in connection with suspicious transactions involving misappropriation of bank accounts. On November 7, a case was filed against Siraj Hamed Memon, a tea and cold drinks business operator, and his associates, based on a complaint filed by an individual whose bank account was allegedly used for unauthorized fund transfers.

According to the ED, arrested accused Shafi was allegedly involved in helping Siraj to open bank accounts which were used to transfer funds amounting to ₹125 crore for shell companies. He was arrested on Wednesday at the Ahmedabad airport and is in ED custody till November 29.

The case came to light after an FIR was registered at the Malegaon police station by a person whose documents were fraudulently used by Siraj and his associates to set up shell companies. Siraj allegedly opened bank accounts in the name of shell companies with Nashik Merchant Cooperative (NAMCO) Bank in Malegaon.

According to the ED, Siraj allegedly took away documents from the victim on the pretext of providing financial benefits or a job. The prosecutor’s office alleged that it analyzed 14 NAMCO bank accounts and discovered that more than ₹From these accounts, ₹118 crore was transferred to various entities in two months.

The accused allegedly duped the victims by claiming that he was going to set up a maize trading company with the Agricultural Produce Market Committee, Malegaon, and instructed them to open bank accounts ostensibly to transfer money to farmers, promising them employment with the market committee.

The ED said investigation revealed that Memon had also opened three accounts with Bank of Maharashtra in the name of Choice Marketing, Megha traders and Sunrise traders, to which approximately ₹41 crore was transferred within two months, which was then transferred to various other accounts.

According to the ED, Shafi stayed with Memon in Malegaon for 14 days and helped him in arranging documents and opening bank accounts in the name of shell companies. Subsequently, an information circular was issued against Shafi, who was detained at Ahmedabad airport while he was on his way to Dubai.

The special PMLA court, while granting custody of the child to ED, observed that prima facie investigation by the agency shows that Shafi was the mastermind behind opening 14 bank accounts along with Memon. “This shows that 14 accounts were created and a huge amount of cash deposited,” said special session judge AC Daga, adding: “It was the accused who, it seems, prima facie established the identity of the persons in whose name the accounts were held. were opened and participated in generating the proceeds of crime.”