The Enforcement Directorate (ED) on December 6 conducted searches at seven premises in Ahmedabad and Mumbai and seized proceeds of crime in the form of cash amounting to Rs 13.5 crores. This cash seizure pertains to the case of Nashik Merchant Co-operative Bank (NAMCO Bank), Malegaon.
The money trail investigation conducted by ED of “debit transactions” made through accounts maintained with NAMCO Bank and with the Bank of Maharashtra revealed that the majority of such amounts were transferred to 21 sole proprietary concerns. ED’s Mumbai Zone conducted the search operation.
“Analysis also revealed that transactions having hundreds of crores were credited in these accounts, mostly through online banking channels, and were further transferred to various firms and companies,” said the ED.
“Also huge amounts running into hundreds of crores were withdrawn in cash from accounts of various dummy entities and distributed the cash withdrawn to angadias and hawala operators located at Ahmedabad, Mumbai and Surat.” This is in continuation to the searches conducted in the case in November, added the agency.
(With inputs from ANI)
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