ED Seizes Assets in Major UCO Bank Gold Loan Fraud Case in Goa
The Enforcement Directorate (ED), operating from its Panaji zonal office, has taken decisive action by provisionally attaching movable and immovable properties valued at approximately Rs 1.2 crore. This move is part of an ongoing investigation into a significant fraud case targeting UCO Bank, where the institution was allegedly cheated through 32 fake gold loans across three of its branches in Goa.
Details of the Fraud and Accused Individuals
The case centers on accused individuals Gundu Kelvekar and Hemant Raikar, who are alleged to have orchestrated a criminal conspiracy to defraud UCO Bank. The total proceeds of crime in this matter are estimated to be a substantial Rs 2.8 crore, highlighting the scale of the illicit activities.
ED investigations, initiated in 2022 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, revealed that Kelvekar managed to secure 32 gold loans in the names of 20 individuals. This was achieved by pledging counterfeit gold ornaments at the bank's branches in Verna, Fatorda, and Margao.
Role of the Accused and Fund Diversion
Raikar, who served as an empanelled gold valuer for the bank, is accused of misusing his official position to falsely certify these fake gold ornaments as genuine. This certification facilitated the approval of the loans, enabling the fraud to proceed unchecked.
Immediately after the loan disbursements, the funds were systematically diverted. They were transferred to the personal savings account of Kelvekar and subsequently utilized for purchasing bullion and acquiring immovable properties, effectively laundering the illicit proceeds.
Properties Attached by the Enforcement Directorate
The attached properties, with an approximate value of Rs 1.17 crore, include:
- A benami commercial property
- Bank balance held in the account of Mayuri Kelvekar
- The value of gold assets belonging to Kelvekar that are held with Narayan Sheshgiri Jewellers
In an official statement, the ED clarified that these properties have been attached because they constitute proceeds of crime or assets of equivalent value derived from the fraudulent activities.
Ongoing Investigation and Legal Proceedings
The ED has emphasized that further investigation is currently in progress. This case underscores the agency's commitment to combating financial crimes and money laundering, particularly in schemes involving bank fraud and asset misappropriation.
Authorities continue to scrutinize the details to ensure all involved parties are held accountable under the stringent provisions of the PMLA, aiming to recover the full extent of the illicit gains and prevent similar frauds in the future.
