₹125 Crore Malegaon Money Laundering Case: Key Accused Arrested While Attempting to Flee
Akram Mohammad Shafi, alleged mastermind behind fraudulent transactions, remanded to ED custody as investigation uncovers extensive hawala network and shell companies.
- Akram Mohammad Shafi, accused of orchestrating a ₹125 crore money laundering scheme, was detained at Ahmedabad airport while attempting to flee to Dubai.
- The Enforcement Directorate (ED) alleges Shafi facilitated the opening of 14 bank accounts at Nashik Merchant Co-operative Bank, used to transfer over ₹118 crore to shell companies within two months.
- The probe began with a complaint from a Malegaon resident about misuse of their documents to open fraudulent accounts, leading to the discovery of a wider hawala network.
- Shafi reportedly worked under Mahmud Bhagad and managed daily cash withdrawals of ₹1 crore, which were distributed to hawala operators and other entities.
- A special PMLA court remanded Shafi to ED custody until November 29 and reprimanded the agency for failing to conduct a mandatory medical examination before presenting him in court.
Free Press Journal 
Hindustan Times 