In a decisive crackdown on financial misconduct, the Enforcement Directorate’s Panaji Zonal Office has provisionally attached movable and immovable properties worth ₹78 lakh linked to a major bank fraud at Bank of Baroda’s Anjuna branch. This action falls under the Prevention of Money Laundering Act (PMLA), 2002, targeting the embezzlement of public funds.
The probe originated from an FIR filed by Goa Police’s Economic Offences Cell (EOC) in Panaji, later transferred to the Crime Branch. It accuses former branch manager Udit Narayan and associates of orchestrating a criminal conspiracy to defraud the bank and its customers. They allegedly siphoned off funds through unauthorized transfers from accounts without valid permissions or customer consent.
Investigations reveal Narayan abused his position to execute a meticulously planned scam. He debited amounts from innocent customers’ accounts, including dormant ones from Anjuna’s Comunidade and others, using forged signatures and anonymous SIM cards. To mask the trail, laundered money was routed through ‘mule’ accounts of accomplices, obscuring the illicit origins.
The attached assets include a commercial shop in Sadashiv Plaza, Ponda; a plot in Anjuna; a residential flat in Kirti Residency, Ponda; and bank balances in Udit Narayan’s name. Held under associates’ names, these properties match the value of crime proceeds from the Bank of Baroda fraud. ED has identified total proceeds of crime at ₹2.34 crore, concealed via complex banking transactions.
This seizure underscores ED’s commitment to dismantling money laundering networks tied to banking frauds. With investigations ongoing, further revelations are expected, sending a strong message to potential wrongdoers in Goa’s financial sector.