ED Raids 23 Locations In Maharashtra, Gujarat In Fake Bank Accounts Case
ED is reportedly investigating a money laundering case involving a Malegaon-based trader, who allegedly conducted transactions worth over Rs 100 crore, using unauthorised bank accounts.
The Enforcement Directorate has raided 23 locations in Maharashtra and Gujarat, where large number of bank accounts were allegedly opened through fake documents and KYC, NDTV reported.
ED is reportedly investigating a money laundering case involving a Malegaon-based trader, who allegedly conducted transactions worth over Rs 100 crore, using unauthorised bank accounts.
The agency is said to have searched 23 locations including Malegaon, Nashik, Mumbai, Ahmedabad and Surat.
The investigation originated from a recent Malegaon Police FIR against a person, which brought to light the issue of unauthorised use of the person's bank account for illegal transactions. This raised concerns over possible election fund routing, according to a report by Times of India.
This comes days ahead of the Maharashtra Assembly Elections. Voting for the 288-assembly will take place on Nov. 20, in a single phase.
Recently, the Reserve Bank of India has stepped up its regulatory supervision by introducing stringent rules and penalties on banks and lending institutions.
