The Enforcement Directorate (ED) seized Rs 67.50 lakh in cash, property sale deeds, and digital devices during searches at six locations in Goa. These searches were part of an investigation into a bank loan fraud totaling over Rs 17 crore involving Crown Mineral Trading Corporation (CMTC) and its partners. The ED conducted these operations under the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s actions were based on an FIR filed by the CBI (ACB), Goa, against the partners of CMTC and others. The FIR stemmed from a complaint by Canara Bank, stating that CMTC partners fraudulently obtained a credit facility of Rs 7 crore. Due to non-repayment, the loan was classified as a Non-Performing Asset (NPA) with an outstanding amount of Rs 6.19 crore. Investigations revealed that the loans taken were diverted to personal bank accounts of the partners.
Further investigations uncovered that CMTC had no legitimate business, and funds from Canara Bank were redirected to personal accounts. The accused allegedly submitted forged stock statements to Canara Bank to maintain credit limits. Additionally, properties mortgaged with Canara Bank were also used to secure loans from other banks fraudulently. The ED found that the accused executed multiple sale deeds for the same properties, concealing the origins of the funds.
Earlier, the ED had provisionally attached properties worth Rs 2.86 crore belonging to the partners of CMTC under the PMLA.
