NAMCO banking fraud: Court rejects bail plea of accused
MUMBAI, 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 NAMCO Bank and transferring crores of rupees to shell companies in Dubai through these accounts....
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