India, Dec. 10 -- The Bombay High Court has refused bail to Khilji Mohsinahmed Mustakali, an accused in a Rs.150-crore money-laundering racket in Malegaon involving shell companies, forged documents and large-scale cash withdrawals.

During the hearing on Friday, the Enforcement Directorate (ED) told the court that Mustakali played a key role in setting up fictitious firms and laundering funds allegedly generated through illegal online betting. The case dates back to November 2024, when a case was registered with the Chawani police in Malegaon for allegedly tricking people into handing over their identity documents on the pretext of jobs at the APMC Market. These documents were then used to open shell entities and bank accounts through wh...