India, Dec. 5 -- The Enforcement Directorate (ED) has arrested Bhesaniya Valimohd in connection with a money laundering investigation involving suspicious transactions at a Malegaon-based bank, where multiple accounts were allegedly misused by a local trader and his associates.

According to the ED investigation, Valimohd was working with another accused, Nagani Shafi, to withdraw cash from the bank. The probe revealed suspicious cash withdrawals worth approximately Rs.196 crores within a four to five-month period this year, potentially involving collusion with bank officials.

Investigators say Valimohd conducted withdrawals despite not being an account holder, raising questions about his authority to access any accounts. During a search...