The Mumbai zone of the Enforcement Directorate (ED) raided Nashik Merchant Co-operative Bank (Namco) in Malegaon, Maharashtra, and seized 13 crore 50 lakh rupees in cash. The ED carried out simultaneous raids at seven locations in Ahmedabad and Mumbai yesterday. These raids follow previous operations last month in Maharashtra and Gujarat related to the same case.
Businessman Janak from Malegaon faces accusations of misusing customer accounts at Nashik Merchant Co-operative Bank and carrying out transactions worth over 100 crore rupees. The Malegaon police have filed a case against him, while the ED is investigating the matter for embezzlement of 100 crore rupees.