ED arrests duo in Malegaon money laundering case, uncovering shell company network | Representative Image
Mumbai: The Enforcement Directorate (ED) has made fresh arrests in connection with the Malegaon money laundering case, identifying the accused as Mohsin Ahmed Mustakali Khilji and Sharif Miya Amirmiya Shaikh. The two allegedly played key roles in creating shell companies used to open dummy accounts, facilitating massive transactions.
The ED claimed that Khilji and Shaikh were also working for Mehmood Abdul Samad Bhagad, alias Challenger King, who is at the center of a vast network involving shell entities, dummy accounts, and transactions worth crores. Following revelations about their involvement, a Lookout Circular (LOC) was issued against them, leading to their arrest on Thursday while attempting to flee to Dubai from Ahmedabad airport.
The duo’s alleged role came to light during the agency’s investigation into M/s Haresh Trading Co and M/s Hardik Enterprise – two suspected fake entities created for fund transfers. It is claimed that APMC accounts in the names of these firms were opened in a private bank, with funds subsequently transferred to 19 bank accounts maintained with Nasik Merchants Co-op (NAMCO) Bank Ltd and Bank of Maharashtra.
