PANAJI
The Directorate of Enforcement (ED) conducted raids at six locations in Goa linked to M/s Crown Mineral Trading Corporation (CMC) in connection with an alleged multi-bank loan fraud case. During the searches, officials seized Rs 67.50 lakh cash, property documents and digital devices.
The case is based on a complaint filed by Canara Bank, which alleged that the firm fraudulently obtained a loan of Rs 7 crore from its Margao branch. The loan later became a Non-Performing Asset (NPA), with dues of Rs 6.19 crore.
According to the ED, the firm claimed to be involved in raw iron ore trading but allegedly had no genuine business activity. Investigators alleged that the accused mortgaged the same properties with several banks, including Madgaum Urban Co-operative Bank, Central Bank of India and others, to secure loans exceeding Rs 10 crore. The CBI had also registered a case against the company in 2022.
