Daijiworld Media Network - Panaji

Panaji, Sep 8: The Enforcement Directorate (ED) has launched fresh action in a Rs 2.63 crore bank fraud case involving fake gold loans, raiding multiple premises linked to Goa-based businessman Gundu Kelvekar and UCO Bank’s empanelled gold valuer Hemant Raikar. The searches, conducted on September 5 by ED’s Panaji Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, targeted residential and commercial properties tied to the suspects.

The ED investigation stems from an FIR filed by the Economic Offence Cell of North Goa, which accused Kelvekar and Raikar of criminal conspiracy to defraud UCO Bank's branches at Verna, Fatorda, and Margao by availing gold loans against fake ornaments. Raikar allegedly certified the fake yellow metal as genuine gold, enabling fraudulent loan sanctions.

Between 2019 and 2023, Kelvekar, with assistance from his wife Mayuri, secured multiple loans in their own names and through associates. The disbursed loan funds were traced directly to Kelvekar’s bank account. ED found that Kelvekar withdrew Rs 79.65 lakh in cash, while his wife withdrew Rs 48.75 lakh. The rest of the funds were layered through various transactions, including dealings with bullion dealers, to disguise the proceeds of crime as legitimate.

A major seizure during the raid included 4.5 kg of yellow-plated white metal ornaments from Kelvekar’s home, confirmed by an authorised valuer to be non-genuine gold.

The ED also revealed that similar fraudulent loans were obtained from other public sector and cooperative banks, suggesting that the Rs 2.63 crore identified so far is only part of a larger scam, with the actual proceeds of crime expected to rise significantly as the investigation continues.