Mumbai businessman’s aides withdrew Rs 198 crore fraudulently from bank accounts: ED unravels big scam

Friday, 24 January 2025
Two associates of a Malegaon-based distributor withdrew Rs 198 crore fraudulently from Axis Bank accounts in Ahmedabad. Transactions were executed by third parties and cash was transferred to Mumbai through hawala channels. The ED examined over 600 bank accounts and identified 80-90 lakh transactions. The investigation is ongoing, and officials have not commented on bank officials' involvement.

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Mumbai businessman’s aides withdrew Rs 198 crore fraudulently from bank accounts: ED unravels big scam

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