Panaji, February 28 – The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth ₹78 lakh in connection with an alleged bank fraud involving the misappropriation of public funds from the Bank of Baroda branch in Anjuna, officials said on Saturday.
The action was carried out by the ED's Panaji Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The money laundering investigation was initiated based on an FIR registered by the Economic Offences Cell (EOC) of the Goa Police, Panaji – later transferred to the Crime Branch – against Udit Narayan, the then Branch Manager of Bank of Baroda's Anjuna branch, and others.
According to the ED, the accused allegedly entered into a criminal conspiracy to defraud the bank and its customers by diverting funds from genuine account holders without their consent or authorization.
Investigations revealed that Udit Narayan allegedly misused his official position to orchestrate a systematic fraud by fraudulently debiting the accounts of unsuspecting customers.
Among those affected were institutional accounts, including that of the Communidade of Anjuna, as well as several dormant accounts.
The misappropriated funds were allegedly laundered through multiple "mule" bank accounts operated by associates who acted as conduits to conceal the illicit origin of the money.
The agency further claimed that forged signatures and benami SIM cards were used to facilitate the unauthorized transactions and avoid detection.
The assets attached by the ED include a commercial shop at ‘Sadashiv Plaza’ in Ponda, a plot of land in Anjuna, a residential flat at ‘Kirti Residency’ in Ponda, and certain bank balances held in the name of Udit Narayan.
Officials stated that some of the immovable properties were held in the names of alleged conduits and were attached as equivalent value of the proceeds of crime.
The total proceeds of crime in the case have been quantified at ₹2.34 crore.
The investigation under the PMLA is ongoing.
