The Enforcement Directorate (ED) conducted searches at over 16 locations across Maharashtra and Gujarat yesterday, investigating suspicious banking transactions worth 80-90 crore rupees, allegedly carried out by a Malegaon-based trader through misappropriated bank accounts.

During the raids, which extended into Thursday night, the agency froze approximately 1.8 crore rupees held in two scrutinized bank accounts, according to agency sources. Investigators are examining the role of hawala operators to trace the transactions’ beneficiaries and purposes.

The searches, conducted under the Prevention of Money Laundering Act (PMLA), targeted premises in Malegaon, Nashik, Mumbai, Ahmedabad, and Surat. The transactions under investigation occurred in September and October.