India


ED conducts raid over alleged fake gold loan fraud

New Delhi, Sep 8, (UNI) The Enforcement Directorate (ED) today said that it recently conducted search operations at multiple locations in Goa in connection with a Prevention of Money Laundering Act (PMLA) case. The case relates to an alleged bank fraud involving the sanctioning of gold loans against fake gold ornaments, which resulted in a loss of Rs. 2.63 crore to UCO Bank.
The action was initiated by its Panaji Zonal Office. A senior ED official said that the searches were conducted at the residential and business premises of Gundu Kelvekar and Hemant Raikar.
The ED initiated an investigation under the PMLA based on an FIR registered by the Economic Offence Cell, North Goa.
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