ED Raids 23 Places in Maharashtra, Gujarat Over Bogus Bank Accounts Scam

The Enforcement Directorate (ED) performed raids on a broad scale at 23 locations across the states of Maharashtra and Gujarat after following through its probe into a systemic scam of opening bank accounts using false or fabricated IDs. The agency aims to bust illegal operations connected with fraud financing and money laundering.

ED says it has raided Maharashtra and Gujarat in search of individuals and companies allegedly exploiting loopholes in banking regulations by opening fraudulent accounts. The accounts, it is said, were allegedly opened with forged documents for unlawful money transfers and financial misappropriation schemes.

The action against these bogus ID bank accounts reflects the ED's commitment to combating money laundering and financial fraud in India. This operation resonates with efforts already taken up in the financial sector aimed at preventing illegal abuse of banking systems, strongly cautioning parties involved in any illegal money channels.

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