ED Targets ₹125 Crore Money Laundering Network in Maharashtra and Gujarat

The Enforcement Directorate has conducted extensive raids on a Malegaon-based trader linked to illicit financial activities involving shell companies and misused bank accounts.

• Raids were conducted at 23 locations across Maharashtra and Gujarat, focusing on properties linked to trader Siraj Ahmed Harun Memon.
• The investigation involves suspicious transactions totaling ₹125 crore, allegedly funneled through accounts of unemployed youths.
• The funds are suspected to have been used for election funding, raising concerns due to their origin and the timing of transactions.
• The probe revealed the misuse of personal documents from 12 individuals to establish fake bank accounts and shell companies.
• Authorities are examining potential connections to hawala operations and possible terror-funding angles.

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