Breaking News: ED Raids in Ahmedabad and Mumbai, Rs 13 Crore Cash Seized | ABP News

The Enforcement Directorate (ED) has conducted raids in connection with a major scam involving the misuse of bank accounts in Malegaon. These raids were carried out at seven locations in Ahmedabad and Mumbai, resulting in the seizure of ₹13.5 crore in cash. The case pertains to fraudulent accounts linked to Nashik Merchant Co-operative Bank and Bank of Maharashtra. ED’s investigation revealed that 14 new accounts were opened in Nashik Merchant Co-operative Bank, where over ₹100 crore was deposited. Similarly, five such accounts were identified in the Nashik branch of Bank of Maharashtra. The accused, Siraj Ahmed Mohammad Harun Memon, and his associates allegedly misused the identity documents of innocent individuals to open these accounts. The scam has raised serious concerns about the exploitation of the banking system and the vulnerability of identity verification processes. The ED’s ongoing probe aims to uncover the full extent of the financial irregularities and hold the perpetrators accountable. This development highlights the need for stricter controls to prevent such fraudulent activities in the banking sector.