Editor’s Note
This report details a significant crackdown by Mumbai Police on a sophisticated money laundering operation. The case highlights the disturbing method of exploiting vulnerable individuals to create fraudulent financial infrastructure.
The Economic Offences Wing (EOW) of Mumbai Police has exposed an international money laundering gang, revealing fraudulent transactions worth over 100 crore rupees. Fake bank accounts were created using documents of poor individuals.
The Economic Offences Wing of Mumbai Police has uncovered a major international money laundering syndicate. It is alleged that the gang used poor and needy people as pawns to conduct illegal transaction activities exceeding 100 crore rupees.
Based on the investigation, police have registered a case of fraud and criminal conspiracy against main accused Madanlal Jain and several bank officials. Police say the accused obtained identity documents from ordinary people by offering them small monthly incentives and misused them.
The investigation revealed that several fake companies and bank accounts were opened in the names of people like Mangalal Dave and Naresh Dave. Crores of rupees were transacted through these accounts, while the real account holders had no knowledge of it.
The accused created several shell companies such as ‘Geet Exim Pvt. Ltd.’, ‘Vibha Impex’, and ‘Pahal Impex’. Their addresses were shown as Surat in the documents, but police investigation found no real office or business there.
The gang manipulated money by creating fake bills in the name of diamond trade and road construction projects. Police are now investigating the entire network and trying to find out who else is involved in this scam. Investigating agencies believe that further major revelations are possible in the case.