Goa: ED raids premises of businessman, bank valuer in Rs 2.63 crore gold loan fraud

Panaji, Sep 8 In fresh action in a Rs 2.63 crore loan fraud with UCO Bank, the ED searched premises of a businessman and a bank valuer of the bank in Goa for their involvement in sanctioning of loans against fake gold ornaments and subsequent money laundering, an official said on Monday.

Sleuths of Directorate of Enforcement (ED), Panaji Zonal Office, conducted search and seizure operations at multiple premises of Gundu Kelvekar and Hemant Raikar in Goa on September 5 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the official said in a statement.

The searches were conducted at the residential and business premises of Kelvekar and Hemant Raikar in connection with the bank fraud case involving sanctioning of gold loans against fake ornaments, resulting in a loss of Rs 2.63 crore to UCO Bank, it said.

The ED initiated investigation under the PMLA based on FIR registered by the Economic Offence Cell, North Goa.

The FIR alleged that Kelvekar, in a criminal conspiracy with Raikar, the empanelled gold valuer for UCO Bank, fraudulently obtained multiple gold loans from the Verna, Fatorda, and Margaon branches of the bank.

The loans were acquired by pledging fake yellow metal ornaments, which Hemant Raikar knowingly certified as genuine gold, said the FIR.

The ED investigation revealed that between 2019 and 2023, Kelvekar, assisted by his wife Mayuri, systematically obtained these loans in their names and in the names of their associates.

The probe established a clear money trail where the loan amounts, once disbursed to the associates’ accounts, were immediately transferred to the savings bank account of Gundu Kelvekar, the statement said.

A significant portion of these funds was withdrawn in cash, with Kelvekar withdrawing Rs 79.65 lakh and his wife withdrawing Rs 48.75 lakh. Part funds were further layered through transfers to various entities, including Bullion dealers, to project the Proceeds of Crime (POC) as untainted, said the ED.

During the search operations at the residence of Kelvekar, assorted yellow metal ornaments weighing 4.5 kg were found. An authorised valuer confirmed these items were not gold but white metal with yellow plating, said the ED.

The PMLA investigations revealed that the gold loans procured in fraudulent manner were not only from UCO bank but were also from other Public Sector Banks and even from Cooperative Bank. Thus, the POC which is presently at Rs 2.63 crore will significantly increase, said the probe agency.

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