Bombay HC Grants Bail To Nashiks Seraj Memon In ₹157-Crore Malegaon Money Laundering Case

Bombay High Court granted bail to Nashik resident Seraj Memon in the ₹157-crore Malegaon money laundering case, citing likely delay in trial conclusion.

Memon was arrested on December 12, 2024, for opening 14 accounts with The Nasik Merchants Co-operative Bank Ltd and 5 accounts with Bank of Maharashtra, used to route funds from paper entities.

The Enforcement Directorate alleged that about ₹157.78 crore was routed through these accounts, with ₹14.84 crore withdrawn in cash from NAMCO Bank and ₹13.25 crore transferred to Mumbai via hawala.

Defense argued prolonged incarceration and that trial had not commenced despite 7,000-page chargesheet and 40 witnesses, leading to bail on grounds of long incarceration and trial delay.

The High Court accepted the contention and granted bail solely due to the delay in trial commencement and Memon's continued custody.