The Enforcement Directorate (ED) has identified Mehmood Bhagad, also known as 'Challenger King' or 'MD', as one of the key masterminds behind the Rs1,000 crore Malegaon money laundering case. Bhagad, a 35-year-old Gujarat-based operative, reportedly fled the country following the arrest of primary accused Siraj Mohammad.
The ED has issued a Look Out Circular against Bhagad and is investigating his money trail. During the probe, the ED uncovered another money trail, in addition to the Rs1,000 crore linked to money laundering, involving funds amounting to Rs4 crore. These funds were siphoned off from 14 accounts at Nasik Merchant Co-operative Bank (NAMCO Bank) and transferred to five Dubai-based companies linked to Mohammad. However, the ED now suspects that all five shell firms, though registered in Mohammad's name, were controlled by Bhagad.
This story is from the December 09, 2024 edition of The Free Press Journal.
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This story is from the December 09, 2024 edition of The Free Press Journal.
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