Mumbai: Mysterious deposits of over Rs 12-15 crore each in the accounts of 12 unemployed youth totaling over Rs 125 crore in Malegaon Merchant Bank, Nashik has caused major concerns in the backdrop of state assembly elections.

The sudden influx of huge deposits in the cooperative bank after the announcement of the assembly elections in Maharashtra has led the Nashik Rural police to launch probe into the source of the funds and motives behind the irregularities.

According to the local police, the unusual deposits were detected in multiple accounts of the Malegaon Merchant Bank when the youngsters received sms alerts of several crores credited to their accounts.

“The accounts of dozen odd unemployed youths credited with Rs 12-15 crore perplexed the bank officials and the account holders. It was reported to the local police and an investigation is ongoing,” confirmed senior Nashik Range police official.

The locals approached Public Works minister Dadq Bhuse representing Malegaon constituency of the financial irregularities in the bank accounts of the youngsters.

The initial probe revealed the bank accounts of the youngsters were used to operate several trading companies for financial transactions of over Rs 125 crore in last 15 days. The police suspect the financial transactions are linked to shell companies for election funds.

“Preliminary investigation has revealed a local trader Siraj Ahmed had collected Aadhar and Pan cards of the youngsters on pretext of securing jobs at Malegaon market committee,” informed the police official.

The documents were allegedly used to create shell companies and make banking transactions in the accounts of the unsuspecting youngsters. The state election commission office was alerted about the huge deposits and amount frozen until further investigation.