Action follows EOC FIR against accused
PANAJI
The Directorate of Enforcement (ED), Panaji Zonal Office, has provisionally attached movable and immovable properties valued at approximately Rs 1.17 crore in connection with a bank fraud case involving UCO Bank. The action has been taken under the provisions of the Prevention of Money Laundering Act, 2002.
As per the ED, the sleuths initiated their investigation on the basis of an FIR registered on October 7, 2022, by the Economic Offences Cell of the Goa Police against Hemant Raikar and Gundu Kelvekar. The accused were alleged to have entered into a criminal conspiracy to cheat UCO Bank by fraudulently securing gold loans from its Verna, Fatorda and Margao branches.
Searches were carried out on September 5, 2025, at the residential and business premises of the two accused, which led to the seizure of incriminating material.
The ED further stated that its investigation revealed that Kelvekar managed to obtain sanction of 32 gold loans in the names of 20 individuals by pledging fake gold ornaments, while Raikar, who was empanelled as a gold valuer with the bank, allegedly misused his official position by certifying the fake ornaments as genuine.
Immediately after the loan amounts were disbursed, the funds were systematically diverted to the personal savings account of Kelvekar. The money was then allegedly used for the purchase of bullion and for the acquisition of immovable properties. The total proceeds of crime in the case have been quantified at Rs 2.81 crore, approx.
The properties attached by the ED include a benami commercial property in Margao, a bank balance in another account, and the value of gold assets of Kelvekar held with a jeweller. The agency stated that these assets have been attached as they constitute proceeds of crime or equivalent value thereof, with further investigation in progress.
