Team Goemkarponn
PANAJI: The Directorate of Enforcement (ED), Panaji Zonal Office, has provisionally attached movable and immovable assets valued at approximately Rs 1.17 crore in connection with a bank fraud case against UCO Bank under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation stems from FIR No. 09/2022, registered on 7 October 2022 by the Economic Offences Cell, Goa Police, against Hemant Raikar and Gundu Kelvekar. The accused are alleged to have conspired to defraud UCO Bank by fraudulently securing gold loans from the Verna, Fatorda, and Margao branches.
During searches conducted on 5 September 2025 at the residential and business premises of the accused, ED seized incriminating material. Investigation revealed that Kelvekar obtained 32 gold loans in the names of 20 individuals using fake gold ornaments, while Raikar, acting as the empanelled gold valuer, certified the fake gold as genuine. Loan proceeds were reportedly diverted to Kelvekar’s personal accounts and used to purchase bullion and immovable assets. The total proceeds of crime have been quantified at approximately Rs 2.81 crore.
The attached properties include a benami commercial shop (Shop No. D-12, Pancharatna Building Complex, Margao), bank balance in Mrs. Mayuri Kelvekar’s account, and the value of gold assets held with Narayan Sheshgiri Jewellers. These assets have been attached as they constitute proceeds of crime or equivalent value.
ED continues its investigation to unravel the full extent of the fraud and trace additional assets.
