The Enforcement Directorate (ED) on Friday seized over Rs 13.5 crore in cash during raids conducted at multiple locations in Mumbai and Ahmedabad as part of the ongoing investigation into the Malegaon money laundering case.
The searches targeted six premises in Ahmedabad and one in Mumbai, reportedly linked to the Angadia network—key facilitators in malegaon money laundering case. Among those questioned was Pintu Patel, a well-known Angadiya based in Mumbai’s Bhuleshwar area.who is suspected of playing a significant role in the case.
Sources close to the investigation revealed that Rs 13.5 crore of the seized cash is suspected to be part of Rs 14 crore in laundered funds. The cash is under ED scrutiny. During the investigation, the ED found that Rs 14 crore had allegedly been withdrawn by the primary accused, Siraj Mohammad, from Nashik Merchant Cooperative Bank (NAMCO Bank) in Malegaon and transferred to Mumbai through the Angadia network.
See Pics: Enforcement Directorate (ED) Seizes Over Rs 13.5 Crore in Cash
ED team was working from several days to identify the final destination of the launder amount which was received by the angdiyas and passed in several hands of angandiyas and with several alias names.During questioning, siraj Ahmad revealed the extent of the fraud, stating that Rs14 crore was withdrawn and routed through hawala channels to Mumbai. Further investigations have uncovered the involvement of multiple hawala operatives. Among those implicated are Pintu Patel, an angadia (courier) from Bhuleshwar; Dhaval Patel, a Surat-based angadia service owner; and Sheikh Sahbaj (also known as Sagar), who allegedly received the laundered funds. Additionally, Jafar Bhai Nabinwala, a hawala operator from Andheri, has been identified as a key player in the network.
The ED’s investigation revealed that all bank accounts opened by Siraj Mohammad were managed by one of the key accused, Nagani Akram Mohammad Shafi. Acting on Shafi’s instructions, Siraj Mohammad and his associates opened more than 14 bank accounts at NAMCO Bank. These accounts were operated by Siraj under Shafi’s direction. On Shafi’s orders, Rs 14 crore was withdrawn and transferred to Mumbai through the Angadia network.
Further, the investigation disclosed that Shafi and Vasim Valimohmad Bhesaniya withdrew large sums of cash from accounts belonging to various dummy entities. The cash was distributed to Angadias and hawala operators located in Ahmedabad, Mumbai, and Surat. They acted under the instructions of Mehmood Bhagad, also known as “Challenger King” or “MD.”
Both Shafi and Bhesaniya were arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.
Earlier, the ED conducted search operations at around 25 premises across Mumbai, Surat, Ahmedabad, and Nashik in November. These searches resulted in the seizure of incriminating documents, digital evidence, fixed deposits (FDs), and bank balances worth Rs 5.2 crore.
The money trail analysis of investigation conducted by ED of “debit transactions” made through various modes of online banking channels from the above mentioned 14 accounts maintained with NAMCO Bank and 5 accounts maintained with Bank of Maharashtra revealed that majority of such amounts were transferred to 21 sole proprietary concerns. Analysis of Bank account Statement of the said 21 accounts, where amounts were transferred revealed that transactions having hundreds of Crores were credited in these accounts, mostly through online banking channels, which were further transferred to the accounts of various firms/ companies. Further analysis of statements of these accounts also revealed that huge amounts running into hundreds of crores were withdrawn in cash from these accounts.
