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Money Laundering Case Linked Terror Funding: ED, which is investigating the Malegaon money laundering case, suspects that 255 primary bank accounts are potentially linked to terror funding. ED has found some important evidence during the investigation under Operation “Real Kuber”, which indicates that this is a well organized money laundering network, in which a web of many cell companies has been created and is allegedly linked to political people directly and indirectly.
ED is analyzing the transactions of these accounts. Investigation has revealed that these accounts were fraudulently opened in the name of Hindu youths, so that this entire operation inspired by terrorist activities could be covered and there is no possibility of suspicion. Also, a large amount of money could be collected in these 255 accounts of Kuber and not only could it be laundered through hawala but a large part of it could also be allegedly used for suspicious activities inspired by politics.
“Clues of being connected to terrorist funding”
According to sources associated with the ED investigation, during the investigation they have found clues of this 1000 crore money laundering network being connected to political networks and terrorist funding, which was laundered from the accounts of many other fake and shell companies. ED’s investigation into suspicious financial activity related to 255 primary accounts revealed that money allegedly came to these 255 accounts from accounts related to political party leaders, who are directly or indirectly connected with religious politics and provocative activities. The agency is investigating the transactions of these accounts and the relationship between the persons related to these accounts.
“Money used in religious propaganda”
According to sources, the investigation revealed that Rs 379 crore was withdrawn from these accounts from across the country, which was used to create a tense atmosphere during the assembly elections held in different states in the last few months and to spoil law and order, including preparing social and religious propaganda.
“Evidence of increasing religious propaganda of radical organizations”
ED investigation has also found evidence that some part of this money was allegedly given in cash to some radical organizations to promote religious propaganda, incite differences between Hindus and Muslims and promote political unrest related to ST, NT and OBC. ED had identified some persons allegedly associated with political parties during the elections.
During the investigation, ED had sent summons to several account holders of 255 bank accounts for KYC verification and statements of many account holders have also been recorded. During interrogation, some people have claimed that the money in their accounts was related to gambling and betting.
“About Rs 114 crore transferred to 19 accounts”
During this investigation, an important link of Malegaon money laundering has come to light, in which it was found that the 19 bank accounts of Malegaon in which the amount of Rs 114 crore was received for money laundering, its strings are connected to these 255 accounts, in which about Rs 114 crore was transferred from this Kuber account to 19 accounts of Merchant Cooperative Bank and Bank of Maharashtra in Malegaon.
“Use of fake documents for transactions”
These 19 accounts were opened fraudulently by the arrested accused Siraj Memon, who is accused of using fake documents for these transactions. During interrogation in ED custody, Siraj Memon revealed that he had provided the accounts at the behest of accused Nagni Akram Mohammed Shafi and the mastermind of this money laundering syndicate, Mahmud Bhagad (also known as “Challenger King” or “MD”). Challenger King is currently absconding in this case.
