Team Goemkarponn
PANAJI: The Enforcement Directorate (ED), Panaji Zonal Office, carried out search operations at six locations across Goa in connection with an alleged bank fraud and money laundering case involving M/s Crown Mineral Trading Corporation (CMTC) and its partners. During the raids, officials seized cash amounting to ₹67.50 lakh along with property-related documents and digital devices suspected to be linked to the case.
The action stems from a CBI (ACB), Goa FIR registered after a complaint by Canara Bank, Madgaon Branch, alleging that CMTC, a firm stated to be engaged in iron ore trading, fraudulently secured a credit facility of ₹7 crore. The loan account later turned into a non-performing asset (NPA), with an outstanding dues of around ₹6.19 crore due to non-repayment.
Preliminary findings of the ED indicate that the firm had no genuine business operations and that funds obtained from the bank were allegedly diverted to personal accounts of its partners. The agency also noted that falsified stock statements were reportedly submitted to maintain and renew the credit limit.
Investigators further observed that the same set of mortgaged properties was allegedly used multiple times to secure loans from several financial institutions, including cooperative and nationalised banks. The total additional credit raised through such methods is estimated at over ₹10 crore.
Authorities also allege that multiple sale deeds for the same properties were executed and circulated among different banks to obtain further credit, thereby disguising the origin of funds and projecting them as legitimate assets.
Earlier, the ED had already attached assets worth ₹2.86 crore belonging to the accused partners under provisions of the Prevention of Money Laundering Act. The investigation in the case remains ongoing.
