ED initiates action against two corporate entities linked to Sheikh Shahjahan in money laundering case

ED initiated action following definite clues about the shell companies being used to divert proceeds in different money laundering cases

PGurus Newsdesk

April 5, 2024

ED initiated action following definite clues about the shell companies being used to divert proceeds in different money laundering cases

Sheikh Shahjahan’s shell companies played a very important role in the fund diversion process

Enforcement Directorate (ED) sleuths have initiated action against two other corporate entities, Mesars Magnum and Mesars Arup Som, linked to the suspended TMC leader, Sheikh Shahjahan in a money-laundering case.

The ED has identified bank accounts linked to the two corporate entities. The ED directed the bank authorities concerned to immediately stop the facilities of all inward and outward transactions in those accounts.

These actions by ED, sources added, have been initiated following definite clues that these accounts were used as shell companies meant for diverting ill-gotten proceeds in different money laundering cases, especially the ration distribution case.

In fact, in all the money laundering cases being investigated by the ED in West Bengal, it has been noticed that such shell companies played a very important role in the fund diversion process.

Earlier, the ED had identified the fish exports entity Mesars Sheikh Sabina Fish Supply Only, which is registered in the name of Shahjahan’s daughter Sheikh Sabina, and had frozen the bank account linked to the entity.

ED sleuths have also initiated the freezing of the personal bank account of Sheikh Shahjahan.

The ED has filed two separate enforcement case information reports (ECIR) against Shahjahan. The first ECIR is related to his involvement in the ration distribution and the second is related to using his fish exports business for money laundering.

Sheikh Shahjahan is the accused mastermind behind the attack of ED and CAPF personnel at Sandeshkhali on January 5.

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