ED Cracks Down on Goa Gold Loan Scam: Searches Expose Fake Ornaments and Money Laundering
In a major crackdown on a Rs 2.63 crore loan fraud case, the Enforcement Directorate (ED) raided the homes and offices of a Goa businessman and a bank valuer. Officials say this fake gold ornaments scam led to huge losses for UCO Bank and involved money laundering. The action happened on September 5 in Panaji, and it’s part of the ongoing fight against bank fraud in India.
ED teams from the Panaji Zonal Office swooped down on multiple spots linked to Gundu Kelvekar and Hemant Raikar. They carried out searches under the Prevention of Money Laundering Act (PMLA), 2002. The raids targeted residential and business premises in connection with the UCO Bank fraud, where loans got approved against bogus gold jewelry.
The whole scam started with an FIR from the Economic Offences Cell in North Goa. It accuses Kelvekar and Raikar, who worked as an approved gold valuer for UCO Bank, of teaming up in a criminal conspiracy. They tricked the bank’s Verna, Fatorda, and Margao branches into giving out multiple gold loans by pledging fake yellow metal ornaments. Raikar even certified these fakes as real gold, helping the fraud along.
ED’s investigation shows that from 2019 to 2023, Kelvekar pulled this off with help from his wife, Mayuri. They took loans in their own names and those of associates. Once the money hit the associates’ accounts, it quickly moved to Kelvekar’s savings account. He withdrew Rs 79.65 lakh in cash, while his wife pulled out Rs 48.75 lakh. Some funds got layered through transfers to bullion dealers and other entities to make the dirty money look clean – a classic money laundering trick.
During the raids at Kelvekar’s home, ED found 4.5 kg of what looked like yellow metal ornaments. But an expert valuer checked them and confirmed: no gold here, just white metal with yellow plating. This fake gold discovery adds more fuel to the bank fraud case.
The probe isn’t stopping at UCO Bank. ED uncovered that similar fraudulent gold loans happened with other public sector banks and even a cooperative bank. So, the total proceeds of crime, currently pegged at Rs 2.63 crore, could skyrocket as investigations deepen.
This Goa bank fraud bust highlights how scammers target gold loans, a popular banking service in India. With rising cases of loan fraud and money laundering, authorities like ED are ramping up efforts to protect banks and recover losses. Stay tuned for updates on this UCO Bank scam and the accused’s next moves.
