Panaji: The ED, Panaji zonal office, has provisionally attached movable and immovable properties valued at approximately Rs 1.2 crore in the case where UCO Bank was defrauded through 32 fake gold loans across three of the bank branches by accused Gundu Kelvekar and Hemant Raikar.
ED
The total proceeds of crime in this case are estimated at Rs 2.8 crore.The ED initiated investigations in 2022 for under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) against Raikar and Kelvekar. The accused were alleged to have entered into a criminal conspiracy to cheat UCO Bank by fraudulently securing gold loans from Verna, Fatorda and Margao bank branches.The ED investigation revealed that Kelvekar managed to get 32 gold loans sanctioned in the names of 20 individuals by pledging fake gold ornaments.Raikar, as the empanelled gold valuer, misused his official position to certify the fake gold ornaments as genuine. Immediately after the loan disbursement, the funds were systematically diverted to the personal savings account of Kelvekar and utilised for the purchase of bullion and acquisition of immovable properties.“The attached properties, valued at Rs1.17 crore (approx), consist of a benami commercial; bank balance in the account of Mayuri Kelvekar; and the value of gold assets of Kelvekar held with Narayan Sheshgiri Jewellers. These properties have been attached as they constitute proceeds of crime or the equivalent value thereof,” the ED said.Further investigation is under progress.
