BoB Anjuna fraud: ED attaches properties worth Rs 78 lakh

Panaji: The Enforcement Directorate (ED), Goa, on Saturday provisionally attached movable and immovable properties valued at Rs 78 lakh under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a case of alleged bank fraud involving the misappropriation of public funds from Bank of Baroda, Anjuna branch.

The ED initiated an investigation on the basis of an FIR registered by the economic offences cell (EOC) of Goa police, later transferred to the crime branch, against Udit Narayan (the then branch manager) and others.


The ED said the accused allegedly entered into a criminal conspiracy to cheat the Bank of Baroda and its customers by unauthorisedly diverting funds from the accounts of bonafide customers.

The ED investigation showed that Narayan, abusing his position as branch manager, planned a systematic fraud by debiting the accounts of unsuspecting customers, including the Anjuna comunidade and other dormant accounts.

“The misappropriated funds were layered through ‘mule’ bank accounts of his associates who acted as willing conduits to conceal the illicit origin of the funds. As per the investigation, forged signatures and benami SIM cards were used to execute these unauthorised transfers,” ED said.

The ED said the attached properties consist of a commercial shop at Sadashiv Plaza, Ponda, a plot in Anjuna, a flat in Kirti Residency, Ponda, and bank balances held in the name of Udit Narayan.

“These immovable properties are held in the names of the conduits and were attached as they constitute the value equivalent to the proceeds of crime derived from the scheduled offence. The total proceeds of crime in this case was quantified at Rs 2.34 crore,” the ED said.