Siraj Ahmed Memon, Akram Mohammad Shafi, and Vasim Bhesaniya Arrested in Rs100 Crore Fraud Case
The Directorate of Enforcement (ED), investigating a major case registered at Malegaon Chawani Police Station, has seized Rs13.5 crore following search operations conducted in Ahmedabad and Mumbai on December 6 and 7. The case involves the unknown deposit of more than Rs100 crore in newly opened accounts at the Nashik Merchants Co-operative (NAMCO) Bank in Malegaon.
The investigation revealed that Siraj Ahmed Mohammed Harun Memon and his accomplices had used identity documents obtained through false promises and monetary considerations to launder the proceeds of crime (POC). The scam involved layering the illicit funds across various accounts, including five additional accounts at Bank of Maharashtra’s Nashik branch.
The ED’s probe into 19 accounts uncovered a complex money trail, with most of the funds transferred to 21 proprietary accounts. These accounts subsequently received large sums through online banking, which were then moved to accounts of multiple firms and companies.
The investigation also identified Nagani Akram Mohammad Shafi and Vasim Valimohammad Bhesaniya as key players in the laundering operation. The two were arrested under Section 19 of the PMLA in connection with their involvement in withdrawing large sums from the dummy accounts. They are accused of distributing the cash to angadiyas and hawala operators in Mumbai, Ahmedabad, and Surat, as directed by Mehmood Bhagad.
This arrest and seizure operation highlights the ED’s ongoing efforts to uncover and dismantle complex money laundering and fraud networks.