The Enforcement Directorate, ED, seized 13.5 crore rupees in cash today during raids at seven locations in Mumbai and Ahmedabad. An investigation into debit transactions from accounts in the Bank of Maharashtra and Nashik Merchant Cooperative Bank revealed transfers worth hundreds of crores to various companies.

Similarly, substantial sums were withdrawn from accounts of dummy entities and routed to hawala operators in Mumbai, Ahmedabad and Surat. Earlier, raids were conducted in November on the Malegaon branch of Nashik Merchant Cooperative Bank related to this case.