Probe unearths trail of ₹800cr

Shell companies received more than ₹10,000cr from 14 accounts in Nashik Merchant Coop Bank

- Ashish Singh

In the ongoing investigation into a money laundering case exceeding Rs1,200 crore linked to Malegaon, the Enforcement Directorate (ED) has identified a money trail of Rs800 crore through debit and credit transactions from 21 bank accounts of shell companies.

These companies, based in Navi Mumbai, Surat, Ahmedabad, Uttar Pradesh and Delhi, were established within a short time frame.

The accounts received more than Rs10,000 crore from 14 accounts at Nashik Merchant Cooperative Bank (NAMCO Bank), Malegaon, which were allegedly opened by the arrested accused Siraj Mohammad and others. Additional transactions were traced to various bank accounts across the country to launder the illicit funds.