The Enforcement Directorate (ED) has arrested Seraj Ahmed Memon as part of its investigation into a major money-laundering case in Malegaon. Memon is accused of allegedly misusing bank accounts of Malegaon residents and withdrawing a massive Rs 196 crore over a span of five months.
On Thursday, Memon, who had already been arrested by Malegaon police earlier, was sent to the ED’s custody until December 27 by Special Judge AC Daga.
The ED claims that Memon and his accomplices exploited the identity documents of Malegaon residents, using them to create fake accounts and shell entities in banks. According to the ED, Memon collected these documents by pretending to offer financial benefits or jobs to the unsuspecting individuals.
The authorities allege that the gang opened multiple bank accounts with these fake documents, withdrawing cash and remitting large sums of money abroad. The ED had previously apprehended two other individuals involved in the case: Bhesaniya Vasim Valimohammed, a resident of Surat, and Nagani Akram Mohammad Shafi.
The investigation is ongoing, and the ED is working to trace all involved parties and recover the illicit funds.
