Financial crime fighters at ED’s Panaji unit have struck hard, provisionally seizing ₹78 lakh in properties tied to a shocking fraud at Bank of Baroda’s Anjuna branch. Invoking PMLA, the agency is pursuing embezzled public deposits with unrelenting vigor.
The investigation kicked off with a Goa Police EOC FIR against branch ex-head Udit Narayan and accomplices, alleging a conspiracy of deceit. They pilfered funds through rogue transactions, bypassing all customer approvals and bank protocols.
Revelations from ED point to Narayan’s calculated abuse: debiting unsuspecting accounts—dormant ones prominent—via forgeries and anonymous tech. Mule accounts of allies then laundered the bounty, veiling ₹2.34 crore proceeds in a maze of deals.
Seized haul: Sadashiv Plaza shop in Ponda, Anjuna land, Ponda’s Kirti Residency flat, plus bank balances under Narayan—all camouflaged in others’ names, pegged at fraud-equivalent value.
With the net tightening, this operation exemplifies ED’s forensic edge in unraveling laundering layers. It warns of insider perils in banking, poised to restore victimized funds and deter future frauds across the sector.