Money Laundering Investigation Unravels Ahead of Maharashtra Polls

The Enforcement Directorate is investigating a Malegaon-based trader for allegedly carrying out illegal transactions using misappropriated bank accounts. Raids across Maharashtra and Gujarat aim to uncover the misuse of Rs 100 crore. The case coincides with the upcoming Maharashtra assembly elections, raising concerns about electoral malpractice.

The Enforcement Directorate (ED) has launched a major crackdown across Maharashtra and Gujarat in a high-stakes money laundering investigation. Multiple raids were carried out on Thursday targeting properties linked to a Malegaon-based trader accused of funneling over Rs 100 crore through illicit transactions.

The investigation’s magnitude, involving 23 searches in key cities including Malegaon, Nashik, and Mumbai in Maharashtra and Ahmedabad and Surat in Gujarat, points to the seriousness of the allegations. The charges arise from an FIR filed by Malegaon Police against Siraj Ahmed Harun Meman, a local trader suspected of misusing bank accounts for unauthorized financial operations.

Authorities are probing potential electoral malpractices as the operation aligns closely with the scheduled elections for Maharashtra’s 288 assembly seats on November 20. ED sources suspect the indiscriminately handled funds might be obscured through complex transactions involving KYC fraud and mule accounts, though concrete evidence linking these to election financing remains unfound.

(With inputs from agencies.)