November 14, 2024: The Enforcement Directorate (ED) on Thursday launched a series of coordinated raids across 23 locations in Maharashtra and Gujarat, as part of an ongoing investigation into a major money laundering case tied to a Malegaon-based trader. The raids come amidst intense scrutiny ahead of the upcoming state elections in Maharashtra, where assembly polls are scheduled for November 20.

The investigation centers on Siraj Ahmed Harun Meman, a Malegaon-based tea and cold drinks trader, who is accused of using fraudulent documents and fake Know Your Customer (KYC) details to open multiple bank accounts. These accounts, according to the ED, were used to facilitate suspicious transactions worth over Rs 100 crore.

Raids took place across several cities including Nashik, Surat, Ahmedabad, Malegaon, and Mumbai, with authorities focusing on uncovering potential hawala transactions and illegal banking operations. The ED's operation also targeted individuals linked to the financial network of the trader.

The case stems from a complaint filed last week with the Malegaon Police, where a local individual claimed his bank account was misused for illegal financial activities. Speculation is rife that the accounts were potentially used to channel illicit funds, including funds possibly linked to election-related transactions.

According to investigators, Siraj Ahmed Meman, who runs a tea and cold drinks business, allegedly used personal details such as PAN and Aadhaar numbers from at least a dozen people to open accounts at the Nashik Merchant Cooperative Bank. Meman reportedly convinced these individuals, many from impoverished backgrounds, that they could find employment in the Agricultural Produce Market Committees (APMC) in exchange for providing their KYC details.

A total of 14 accounts were opened under this scheme, with over 2,200 transactions processed. ED officials revealed that the total credit processed through these accounts amounted to Rs 112 crore, while 315 debit transactions were also recorded.

The ED is continuing its investigation and has indicated that further action will be taken as more details of the money laundering operation emerge.

With Maharashtra's high-stakes assembly elections just days away, political observers are closely monitoring the development, as the investigation has raised concerns about the misuse of financial systems for electoral purposes.