Daijiworld Media Network – Panaji
Panaji, Feb 13: The Panaji Zonal Office of the Directorate of Enforcement (ED) has provisionally attached movable and immovable properties worth approximately Rs 1.17 crore in connection with a bank fraud case under the Prevention of Money Laundering Act (PMLA).
The money laundering probe stems from an FIR registered on October 7, 2022, by the Economic Offences Cell of Goa Police against Hemant Raikar and Gundu Kelvekar.
According to the investigation, the accused allegedly conspired to defraud bank branches at Verna, Fatorda and Margao by availing gold loans using counterfeit ornaments. Kelvekar is accused of obtaining 32 gold loans in the names of 20 individuals by pledging fake gold jewellery.
Raikar, who was an empanelled gold valuer with the bank, allegedly certified the fake ornaments as genuine, facilitating the sanction of the loans.
The ED said that the loan amounts were immediately diverted to Kelvekar’s personal savings account and subsequently used to purchase bullion and immovable properties. The total proceeds of crime in the case have been quantified at approximately Rs 2.81 crore.
Searches were conducted on September 5, 2025, at the residential and business premises of the accused, during which incriminating material was seized, further substantiating the allegations.
Following the investigation, the ED has provisionally attached assets valued at around Rs 1.17 crore as part of the ongoing proceedings under the PMLA.
Further investigation in the case is underway.