ED Attaches ₹78 Lakh Properties in Bank of Baroda Fraud Case; Proceeds of Crime Quantified at ₹2.34 Crore

The Directorate of Enforcement (ED), Panaji Zonal Office, has provisionally attached movable and immovable properties valued at ₹78 lakh under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a bank fraud case involving misappropriation of public funds from Bank of Baroda, Anjuna Branch.

The investigation was initiated on the basis of an FIR registered by the Economic Offences Cell (EOC), Goa Police, Panaji, which was later transferred to the Crime Branch. The FIR was filed against Udit Narayan, the then Branch Manager, and others for allegedly conspiring to cheat the bank and its customers by unauthorized diversion of funds from bona fide customer accounts without mandate or authorization.

ED’s investigation revealed that Udit Narayan allegedly abused his official position to carry out a systematic fraud by fraudulently debiting accounts of unsuspecting customers, including the Communidade of Anjuna and other dormant accounts. The siphoned funds were layered through mule bank accounts of associates who acted as conduits to conceal the illicit origin of the money. Forged signatures and benami SIM cards were allegedly used to execute the unauthorized transfers.

The attached properties include a commercial shop at ‘Sadashiv Plaza’, Ponda; a plot of land in Anjuna; a residential flat in ‘Kirti Residency’, Ponda; and bank balances held in the name of Udit Narayan. The immovable properties are stated to be held in the names of conduits and have been attached as value equivalent to the Proceeds of Crime.

The total Proceeds of Crime in the case have been quantified at ₹2.34 crore.