In a major breakthrough in a money laundering investigation involving over Rs1200 crore, two officials from the Nashik Merchant Co-op Bank (Namco Bank) have been arrested. Ravindra Kande, a former bank manager, and Dipratna Nikam, an assistant manager, were apprehended by the Chavani Police in collaboration with the Enforcement Directorate (ED). The arrests are part of an ongoing probe into a complex financial fraud facilitated by these bank officials.
The duo has been accused of aiding and abetting the fraudulent withdrawal of Rs14 crore from a victim’s account at Namco Bank. Investigations revealed that Kande and Nikam allowed forged signatures on cheques to be authenticated and processed, enabling the prime accused, Siraj Ahmad, to withdraw the funds. Ahmad allegedly funneled the money through hawala channels, transferring it to Mumbai.
Sources close to the investigation disclosed that Kande and Nikam were crucial in ensuring that the forged cheques went undetected. As a result, the illicit withdrawal was carried out smoothly, leading to the movement of funds through an extensive hawala network. During questioning, Siraj Ahmad confirmed that the money was laundered via hawala operators, with the funds routed to Mumbai.
The investigation has also implicated several individuals involved in the hawala network. Milan Kumar Patel, acting as the intermediary, reportedly helped facilitate the transfer of funds. Among the hawala operatives identified are Pintu Patel, an angadia (courier) from Bhuleshwar, Dhaval Patel, a Surat-based angadia service owner, and Sheikh Sahbaj, also known as Sagar, who is said to have received the laundered funds. Additionally, Jafar Bhai Nabinwala, a hawala operator from Andheri, is suspected to be a key player in the money laundering operation.
Authorities are continuing their efforts to track down the remaining suspects involved in this large-scale operation. The Malegaon Police and ED are also working diligently to trace the laundered funds and bring the culprits to justice.
As the investigation progresses, the far-reaching scale of this money laundering operation is becoming clearer, and officials are focused on uncovering further details of the network and recovering the misappropriated funds.
