Panaji: The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth approximately ₹1.17 crore in connection with a gold loan fraud case involving UCO Bank, invoking provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The action has been taken by the ED’s Panaji Zonal Office against Hemant Raikar and Gundu Kelvekar, who are accused of entering into a criminal conspiracy to cheat the bank by securing loans against fake gold ornaments.
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The probe was initiated following an FIR registered on October 7, 2022, by the Economic Offences Cell of Goa Police. Investigators said the accused fraudulently obtained gold loans from UCO Bank’s Verna, Fatorda and Margao branches.
As part of the investigation, the ED conducted searches on September 5, 2025, at the residential and business premises of both accused, leading to the seizure of incriminating documents and records.
According to the agency, Gundu Kelvekar managed to get as many as 32 gold loans sanctioned in the names of 20 individuals by pledging counterfeit gold ornaments. Hemant Raikar, acting as the bank’s empanelled gold valuer, allegedly abused his official position by certifying the fake ornaments as genuine, enabling the disbursement of loans.
Officials said that immediately after the funds were released, the money was systematically diverted to Gundu Kelvekar’s personal savings account. The proceeds were subsequently used for purchasing bullion and acquiring immovable properties.
The ED has quantified the total proceeds of crime in the case at approximately ₹2.81 crore.
The provisionally attached assets include a benami commercial shop (Shop No. D-12) located at the Pancharatna Building Complex in Margao, bank balances held in the account of Mayuri Kelvekar, and the value of gold assets belonging to Gundu Kelvekar kept with M/s Narayan Sheshgiri Jewellers.
The agency stated that these properties were attached as they represent proceeds of crime or equivalent value derived from the fraudulent loan transactions.
Investigators are also examining banking trails, gold purchases and property acquisitions to identify the broader financial network and determine whether additional beneficiaries or facilitators were involved in laundering the funds.
The provisional attachment has been carried out to prevent any transfer or disposal of the assets and to safeguard future confiscation proceedings under PMLA.
ED officials said further investigation is underway, and additional attachments cannot be ruled out as the agency continues to trace the money trail and assess the full extent of the alleged fraud.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
