Malegaon Bank Fraud Case: 2 Bank Officials Arrested For Facilitating Massive Money Laundering Scam

Mumbai: In a high-stakes investigation into a massive money laundering operation exceeding Rs 1200 crore, two key bank officials from the Nashik Merchant Co-op Bank (Namco Bank) in Malegaon have been arrested in connection with the case. The Chavani Police, working in close collaboration with the Enforcement Directorate (ED), apprehended Ravindra Kande, a former bank manager, and Dipratna Nikam, an assistant manager, for their role in facilitating the illicit operation.

The duo has been charged with enabling the fraudulent withdrawal of funds by the prime accused, Siraj Ahmad, through the deliberate authentication of forged signatures on checks. Investigators revealed that this illegal act allowed Ahmad to withdraw a staggering Rs 14 crore from a witness's account at Namco Bank.

Sources close to the investigation reveal that Kande and Nikam were pivotal in ensuring that forged signatures on cheques were accepted without scrutiny, thus facilitating the unauthorized transaction. Siraj Ahmad, during his questioning, revealed the extent of the fraud, stating that the Rs 14 crore was withdrawn and routed through hawala channels to Mumbai. The second accused in the case, Milan Kumar Patel, allegedly acted as the intermediary facilitating the transfer of these funds.

Further investigations have uncovered the involvement of multiple hawala operatives, deepening the complexity of the operation. Among those implicated are Pintu Patel, an angadia (courier) from Bhuleshwar; Dhaval Patel, a Surat-based angadia service owner; and Sheikh Sahbaj (also known as Sagar), who is said to have acted as the recipient of the laundered funds. Additionally, Jafar Bhai Nabinwala, a hawala operator from Andheri, has been identified as a key player in the money laundering network.

The Malegaon Police and the ED are working intensively to track down and arrest the remaining suspects involved in the operation. Agencies are also focused on tracing and recovering the laundered funds, as the investigation continues to reveal the far-reaching implications of the case.