India, Feb. 9 -- A special PMLA (Prevention of Money Laundering Act) court has rejected the bail plea of Nagani Mohammad Shafi, arrested by the Enforcement Directorate (ED) in connection with the multi-crore suspicious transactions involving the Nashik Merchant Cooperative (NAMCO) Bank. Shafi along with several others are accused of fraudulently opening bank accounts in Nashik Merchant Cooperative (NAMCO) Bank and transferring crores of rupees to shell companies in Dubai through these accounts.

ED's investigation stems from a police probe against a Malegaon-based trader, Siraj Ahmed Memon, and his associates on a complaint by an individual whose bank account was allegedly misused for unauthorised fund transfers.

As per the ED, Shafi was...