MUMBAI, Dec. 19 -- Acting on a request from the Enforcement Directorate (ED), a special court on Tuesday issued a non-bailable warrant against Mehmood Bhagad alias Challenger King, the absconding kingpin in the Rs.198.41-crore suspicious transactions through the Nashik Merchant Co-operative (NAMCO) Bank and the Bank of Maharashtra (BOM), both in Malegaon. There is a pending Interpol Red Corner Notice as well against the accused, who allegedly left the country last year when the irregular transactions first surfaced. Bhagad did not comply with the ED's three summonses issued in June and August this year, requiring him to appear before the investigating team. The ED told the court that Bhagad was deliberately not cooperating with the investigation. The case was first registered on November 7, 2024 at the Malegaon Chawani Police Station on the depositing of an estimated Rs.100 crore-plus in 12 newly opened accounts in NAMCO Bank. Based on the Malegaon police's case, the ED began its investigation the same month. Its probe revealed 14 accounts in NAMCO bank and five accounts with BOM. Considering the serious nature of the crime, the investigation was transferred from the Malegaon police to the Maharashtra Anti-Terrorism Squad (ATS), which re-registered the case on December 16, 2024, under sections of the BNS. Bhagad was named as a 'wanted accused' in the ATS chargesheets, and a Red Corner Notice was issued against him. The court said that despite issuance of the summonses, Bhagad, the "ultimate beneficiary of the proceeds of crime" (PoC), had not cooperated in the investigation. "There are allegations of money-laundering in respect of huge PoC to the tune of Rs.198.41 crore. In the interests of a proper and effective investigation and trial into the serious economic offence, it is necessary to issue a non-bailable warrant against the accused," the court observed while granting the ED's application for the issuance of a non-bailable warrant....