The Enforcement Directorate’s Panaji Zonal Office has struck hard against a brazen banking fraud in Goa, freezing ₹1.17 crore worth of assets tied to money laundering from sham gold loans. Prime suspects Gundu Kelvekar and Hemant Raikar face intensified scrutiny after their scheme duped UCO Bank branches at Verna, Fatorda, and Margao.
Triggered by a 2022 FIR from the Economic Offences Cell, the ED uncovered how Kelvekar used bogus gold items pawned in multiple identities to approve 32 loans. Raikar, entrusted as the bank’s gold appraiser, falsified reports to pass off fakes as pure gold, enabling the quick release of funds.
Post-disbursal, money flowed directly into Kelvekar’s account, financing gold bullion buys and property acquisitions. Probe estimates peg criminal proceeds at ₹2.81 crore, with the seized assets directly representing laundered wealth under PMLA provisions.
September 2025 searches at accused premises uncovered a trove of damning papers, from forged valuations to transaction logs. This provisional attachment under PMLA aims to strip fraudsters of their ill-gotten empire.
As investigations deepen, ED teams are dissecting linked accounts and transactions, signaling a broader sweep against white-collar crime in Goa’s financial sector. This case highlights the urgent need for robust verification in high-value loans, prompting calls for systemic reforms.