Did the ED Conduct Raids in Goa Over a ₹2.63 Crore Gold Loan Fraud?
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Synopsis
In a major crackdown, the ED has implicated a businessman and a bank valuer in a ₹2.63 crore loan fraud case involving fake gold ornaments. This investigation reveals a sophisticated scheme of money laundering that extends beyond a single bank, highlighting the urgency of regulatory oversight in the financial sector.
Key Takeaways
- ED's crackdown on gold loan fraud in Goa.
- Involvement of a businessman and bank valuer.
- Loans were secured against fake gold ornaments.
- Significant sums of money were withdrawn in cash.
- Probe reveals a broader scheme involving multiple banks.
Panaji, Sep 8 (NationPress) In a significant development regarding a ₹2.63 crore loan fraud involving UCO Bank, the Enforcement Directorate (ED) has conducted searches at the properties of a businessman and a bank valuer in Goa. These operations are linked to allegations of sanctioning loans against fraudulent gold ornaments and subsequent money laundering, as confirmed by an official on Monday.
On September 5, officials from the ED at the Panaji Zonal Office executed search and seizure operations at various locations connected to Gundu Kelvekar and Hemant Raikar under the Prevention of Money Laundering Act (PMLA), 2002. This investigation focuses on a bank fraud scheme that resulted in a loss of ₹2.63 crore to UCO Bank.
The search actions were carried out at both the residential and commercial premises of Kelvekar and Raikar, directly related to the fraudulent sanctioning of gold loans against non-genuine ornaments, the official statement detailed.
The ED launched its investigation under the PMLA based on a report filed by the Economic Offence Cell of North Goa.
According to the FIR, Kelvekar conspired with Raikar, who served as the certified gold valuer for UCO Bank, to unlawfully secure multiple gold loans from the bank's branches in Verna, Fatorda, and Margaon.
The fraudulent loans were obtained by pledging fake gold ornaments, which Raikar falsely certified as real, the FIR stated.
The investigation unveiled that from 2019 to 2023, Kelvekar, with assistance from his wife Mayuri, systematically secured these loans in their names and those of their associates.
A detailed money trail was established where the disbursed loan amounts were quickly transferred to Kelvekar's savings account. A considerable portion of these funds was withdrawn in cash, with Kelvekar taking out ₹79.65 lakh and Mayuri ₹48.75 lakh. Some funds were further laundered through transfers to various entities, including bullion dealers, to disguise the Proceeds of Crime (POC) as legitimate, the ED reported.
During the search at Kelvekar's residence, a variety of yellow metal ornaments weighing 4.5 kg were discovered. An authorized valuer identified these items as non-gold, made of white metal with yellow plating, as per the ED's findings.
The ongoing PMLA investigation has also revealed that the fraudulent gold loans were not exclusive to UCO Bank but extended to other public sector banks and even cooperative banks. Consequently, the Proceeds of Crime, initially assessed at ₹2.63 crore, is expected to rise significantly, the agency noted.
Point of View
It is critical to ensure transparency and accountability in banking operations. The ED's actions reflect a strong commitment to combating fraud and protecting the integrity of our financial systems. As citizens, we must remain vigilant and informed about such occurrences to safeguard our interests.
NationPress
08/09/2025
Frequently Asked Questions
What was the main allegation against the businessman and bank valuer?
They were accused of sanctioning loans against fake gold ornaments leading to a ₹2.63 crore fraud.
Which banks were involved in the fraudulent scheme?
The scheme involved UCO Bank and potentially other public sector and cooperative banks.
What was the role of Hemant Raikar in the fraud?
Hemant Raikar was the bank valuer who falsely certified the fake ornaments as genuine gold.
How did the ED trace the money involved in the fraud?
The ED established a money trail showing how loan amounts were transferred to the businessman's accounts.
What could be the potential consequences for the accused?
If found guilty, they could face severe legal penalties under the Prevention of Money Laundering Act.
