Team Goemkarponn
PANAJI: The Enforcement Directorate (ED) has carried out search and seizure operations at multiple locations in Goa in connection with a bank fraud involving fake gold loans worth ₹2.63 crore.
The raids were conducted on September 5 at the residential and business premises of Gundu Kelvekar and Hemant Raikar. According to the ED, Kelvekar, in criminal conspiracy with Raikar — a UCO Bank empanelled gold valuer — fraudulently availed loans from UCO Bank’s Verna, Fatorda, and Margao branches by pledging fake gold ornaments that Raikar knowingly certified as genuine.
Investigations revealed that between 2019 and 2023, Kelvekar, with assistance from his wife Mayuri, systematically obtained loans in their names and through associates. The loan amounts were funneled into Kelvekar’s account, with large sums withdrawn in cash — ₹79.65 lakh by Kelvekar and ₹48.75 lakh by his wife. Some funds were further layered through transfers to bullion dealers to project the proceeds as legitimate.
During searches, ED found 4.5 kg of yellow metal ornaments at Kelvekar’s residence, later confirmed by valuers to be white metal with yellow plating. The probe further indicated that loans were also fraudulently obtained from other public sector and cooperative banks, suggesting the proceeds of crime may rise significantly beyond ₹2.63 crore.
The seized evidence is being scrutinized, and further investigation is underway, ED stated.
