Bombay HC Grants Bail To Nashik's Seraj Memon In ₹157-Crore Malegaon Money Laundering Case

Mumbai: The Bombay high court has granted bail to Seraj Memon, the Nashik resident booked in the multi-crore Malegaon money laundering case, considering that the trial may take more time to conclude.

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Memon was arrested on December 12, 2024, for his alleged role in opening 14 accounts with The Nasik Merchants Co-operative Bank Ltd 5 accounts with Bank of Maharashtra. These accounts were later on used to transfer huge funds from various companies which turned out to be only paper companies.

ED had alleged that He managed the transactions in these accounts, which involved routing illegal funds worth Rs.157.78 Crores approximately from these accounts. He has also withdrawn approximately Rs.14.84 crores in cash from the NAMCO Bank accounts.

Further, it is alleged that he coordinated transfer of Rs.13.25 Crores approximately out of the total cash amount of Rs.14.84 Crores withdrawn from the accounts, from Malegaon to Mumbai through hawala channels. ED had however, claimed that out of the said amount Memon had kept an amount of Rs 1.58 crores with himself.

His lawyer Sandeep Karnik had argued that, till date the trial has not commenced. It was argued that the chargesheet runs into 5 volumes with 7000 pages with 40 prosecution witnesses in the case. Hence the bail is sought on the ground of prolonged incarceration.

The high court accepted the defence contentions and said that the accused is entitled to bail only on the sole ground of his long incarceration and the delay in the commencement of trial. 

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