Panaji, February 12: The Enforcement Directorate (ED) has taken decisive action in a significant bank fraud and money laundering case in Goa. The agency has provisionally attached assets worth approximately ₹1.17 crore under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation began based on FIR No. 09/2022, filed by the Economic Offences Cell of Goa Police on October 7, 2022. The FIR accuses Hemant Raikar and Gundu Kelvaker of fraudulently obtaining gold loans from UCO Bank’s branches in Verna, Fatorda, and Margao, resulting in a loss of millions to the bank.
During the investigation, the ED discovered that Gundu Kelvaker secured 32 gold loans in the names of 20 different individuals by pledging fake gold jewelry. The loan amounts were withdrawn from the bank. Hemant Raikar, a gold valuer on the bank’s panel, misused his official position to prepare valuation reports, falsely declaring the fake jewelry as genuine gold.
Once the loans were approved, the funds were systematically transferred to Kelvaker’s personal savings account. This money was then used to purchase bullion and acquire real estate. The total earnings from the crime are estimated to be around ₹2.81 crore.
On September 5, 2025, the ED conducted searches at the homes and business locations of Raikar and Kelvaker, seizing several incriminating documents and evidence that confirm the fraud.
Now, the ED has attached properties linked to the crime, valued at ₹1.17 crore, which are considered proceeds of crime. These assets have been seized under a provisional attachment order.
The investigation is ongoing, with the ED scrutinizing bank records, transaction details, other suspicious accounts, and individuals connected to the case.
–
S.C.H.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment