Malegoan Bank Fraud Case: ED Conduct Raids 7 Places In Mumbai & Gujarat, Seizes Rs 13.5 Cr

The search operation was conducted in connection with the Malegaon money laundering case in which the accused had allegedly misused accounts opened with the Nashik Merchant Co-operative Bank (NAMCO Bank) to withdraw ₹196 crore over five months. The ED an FIR has been registered against person named Siraj Ahmed Mohammad Harun Memon and his accomplices. During investigation, the ED found that five accounts were also maintained with the Bank of Maharashtra, Nashik branch.