Overview

• 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.