GCA scam: Big-4 stumped, ED attaches properties

the goan I network

PANAJI

Enforcement Directorate has attached property worth Rs 4.13 crore belonging to former minister Dayanand Narvekar along with former office bearers of Goa Cricket Association Chetan Desai, Vinod Phadke and Akbar Mulla under the Prevention of Money Laundering Act, 2002.   

The seizure took place after an FIR was registered by the Economics Offence Cell of Goa Police for siphoning off the funds received by GCA from Board of Control of Cricket in India.  

The alleged laundering took place during the period 2006-07, BCCI forwarded grants and TV subsidy amounting to Rs 6.95 crore to GCA and out of this, an amount of Rs 3.87 crore was allegedly siphoned off by Narvekar, Desai, Phadke and Mulla by fraudulently opening accounts with Development Credit Bank, Panaji and Shiroda Urban Cooperative Society, IDC Kundaim branch, Ponda.  

As per the ongoing investigation, the accused opened fraudulent accounts in the name of GCA with certain banks based in Goa. Thereafter, a portion of the grants and TV subsidy received from BCCI was deposited in these accounts. The existence of these grants and the new bank accounts was neither disclosed in the monthly meeting and annual general body meeting nor mentioned in the balance sheet of GCA.  

Thereafter, the money was withdrawn in cash using bearers cheques in name of fictitious persons. The office bearers used to telephonically inform the concerned bank officials that their person is coming to withdraw money and they should clear the cheque at the earliest.  

In addition, it was also found that Dayanand Narvekar had siphoned off Rs 26 lakh from the Federal Bank account of GCA. This amount was withdrawn in cash ostensibly to pay M/s Hako Enterprises, Mumbai for the supply of sports equipment viz lawn mowers, bowling machines, cricket pitch cover and ground rollers. However, M/s Hako Enterprises confirmed that they had not supplied any equipment worth Rs 26 lakh nor such payment was made by GCA to them.  

An investigation conducted by the Enforcement Directorate has determined the proceeds of crime at Rs 4.13 crores. In this regard, an attachment order was issued for attaching an apartment admeasuring 324 sq mts situated at Caranzalem belonging to Narvekar, three shops admeasuring 124 sq mts. situated at Vasco belonging to Desai, a single plot, admeasuring 6697 sq mts. at Reis Magos belonging to Phadke and two plots admeasuring 3000 sq mts at Shiroda and a fixed deposit of Rs 67,500 with Central Bank of India, Ponda branch belonging to Mulla.  

The trio are being separately tried in a criminal case initiated against them where they have secured bail pending trial.