Panjim, February 28: The Enforcement Directorate (ED) has temporarily attached movable and immovable assets valued at ₹78 lakhs in connection with a bank fraud case involving the Bank of Baroda’s Anjuna branch. This action was taken under the Prevention of Money Laundering Act, 2002 (PMLA).
The investigation was initiated based on an FIR registered by the Economic Offences Cell (EOC) of Goa Police, which was later transferred to the Crime Branch. The FIR accused the then branch manager, Udit Narayan, and others of defrauding the Bank of Baroda and its customers through a criminal conspiracy. Allegations state that the accused unauthorizedly transferred funds from bank accounts without any valid permission or customer authorization.
The ED’s inquiry revealed that Udit Narayan exploited his official position to execute a planned fraud. It is alleged that he illegally debited amounts from the accounts of several unsuspecting customers, including dormant accounts from Anjuna’s Comunidade. To conceal the embezzled funds, the accused utilized ‘mule’ bank accounts belonging to accomplices, which served as a means to hide the source of illicit money. Forged signatures and anonymous SIM cards were employed to carry out unauthorized transactions.
The seized assets include a commercial shop located in Sadasiv Plaza, Ponda, a plot in Anjuna, a residential flat in Kirti Residency, Ponda, and a bank balance under Udit Narayan’s name. These properties, linked to the fraud case involving the Bank of Baroda, have a total estimated value of around ₹78 lakhs. They were registered under the names of the accused’s associates and have been attached as equivalent to the proceeds of crime.
The investigative agency has identified a total of ₹2.34 crores as proceeds of crime in this case. According to the ED, this amount was generated from scheduled offenses and attempts were made to conceal it through complex banking transactions. Further investigations are ongoing.
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