Siwan Youth Arrested in Crore-Rupee Money Laundering Case

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A significant cyber fraud operation involving complex financial transactions has been dismantled in Siwan, where law enforcement apprehended a 21-year-old individual, Shahid Ali, following a search at a retail outlet in Hafiji Chowk under Nagar police station jurisdiction.

Arrest and Investigation

Over the past year, investigators have identified transactions exceeding ₹2 crore flowing through multiple bank accounts associated with the suspect and his family members, prompting concerns about an organized financial crime network.

Financial Transactions and Accounts

During the investigation, authorities discovered bank accounts under the names of Shahid Ali and his relatives, which were utilized for high-value transactions across several financial institutions. These accounts were established at Axis Bank, Punjab National Bank, HDFC Bank, State Bank of India, Central Bank of India, and ICICI Bank.

Recovery of Evidence

Police recovered critical documentation during the raid, including bank passbooks, cheque books, Aadhaar cards, PAN cards, and three Android mobile devices along with SIM cards. Forensic analysis of the seized digital equipment is underway to extract call logs, messaging records, and transaction details.

Suspect’s Network and Operations

Initial findings suggest Shahid Ali operated under the direction of his maternal uncle, Irfan Ahmed, known as Monu. Investigators believe cash was aggregated from various regions through Cash Deposit Machines (CDMs) and subsequently distributed into multiple bank accounts.

Financial Structure and Tax Evasion

Authorities estimate that between ₹30 lakh and ₹40 lakh in physical currency was processed monthly through this system. The suspect allegedly received a fee of ₹600 for every ₹1 lakh transferred, indicating a structured financial arrangement. No Income Tax Returns were filed by the accused despite handling substantial monetary volumes.

Ongoing Investigation and Future Steps

A First Information Report (FIR) has been filed in connection with the case. The primary objective of the ongoing inquiry is to trace the flow of funds and identify other individuals involved in the network. Bank records, mobile data, and digital evidence are being scrutinized to determine the full scale of the operation.