The Enforcement Directorate (ED) carried out search operations at seven locations in Ahmedabad and Mumbai, resulting in the confiscation of Rs 13.5 crores in cash believed to be proceeds of crime linked to the Nashik Merchant Co-operative Bank (NAMCO Bank) case based in Malegaon. Through a money trail investigation, the ED discovered a pattern of substantial debit transactions originating from accounts held with NAMCO Bank and the Bank of Maharashtra, with a large portion of these funds being transferred to 21 sole proprietary concerns. The search operation was led by the ED's Mumbai Zone, aiming to unearth any illegal financial activities connected to these transactions.
Further analysis by the Enforcement Directorate uncovered that there were numerous transactions involving hundreds of crores that were being credited to these accounts, primarily through online banking channels. These substantial sums were subsequently moved to various firms and companies, implying a complex network of financial transactions. Additionally, significant amounts running into hundreds of crores were withdrawn in cash from accounts belonging to various dummy entities. The cash withdrawn was then reportedly distributed to angadias and hawala operators situated in Ahmedabad, Mumbai, and Surat, suggesting a potential money laundering scheme involving multiple locations and entities.
The ED emphasized the significance of these findings, especially in relation to the massive amounts of cash being circulated through these accounts and the subsequent movement of funds to different entities. This recent seizure of cash and the ongoing investigation are part of the agency's continued efforts to uncover any illicit financial activities and potentially prevent further misuse of funds in connection with the NAMCO Bank case.