ED conducts multi-city raids in ₹1200 crore Goa land scam; crypto assets worth ₹1.5 lakh USDT frozen during searches.

Headnote:

The Directorate of Enforcement (ED), Panaji Zonal Office, conducted extensive search operations on 10 October 2025 at six locations across Goa, New Delhi, and Chandigarh under the Prevention of Money Laundering Act, 2002. The searches form part of an ongoing probe into a large-scale land scam involving Yeshwant Sawant and others accused of fraudulently acquiring community land in Anjuna, Goa, by using forged ownership documents. The accused allegedly generated large proceeds of crime by selling the land to third parties. The investigation has so far revealed illegal land acquisitions worth over ₹1,200 crore, seizure of ₹72 lakh in cash, seven luxury vehicles, and the freezing of multiple bank accounts and crypto assets.

Background:

The investigation was initiated based on an FIR registered by Goa Police against Yeshwant Sawant and his associates for defrauding the Anjuna Communidade by fabricating documents such as provisional possession certificates and demarcation proceedings. These forged papers were used to mutate community land in their names, which was later sold to others for huge profits. Earlier raids in September 2025 led to the identification of vast tracts of prime real estate in Anjuna and Assagao, illegally held through benami transactions. Cash, high-end cars including Porsche, BMW, and Range Rover, and bank deposits were seized. One of the prime accused, Shivshankar Mayekar, was arrested on 01 October 2025 and remains in judicial custody.

Recent Developments:

During the latest round of searches, the ED recovered incriminating documents, including MoUs and lease agreements related to illegally acquired land parcels across Goa. These documents reveal links between the main accused and several accomplices involved in the land-forgery network. In addition, investigators discovered six decentralised cryptocurrency wallets containing digital assets worth approximately 1.5 lakh USDT, which have now been frozen. Digital records and notes indicating the diversion of cash proceeds from a well-known Goa nightclub into land investments were also seized. The ED stated that the investigation is continuing to identify additional individuals and trace the full chain of money laundering activities associated with the Goa land scam.

Agency Details:

Authority: Directorate of Enforcement (ED), Panaji Zonal Office

Legal Framework: Prevention of Money Laundering Act, 2002

Total Value of Land Scam: Approximately ₹1,200 crore

Assets Seized: ₹72 lakh cash, 7 luxury vehicles, frozen bank accounts & crypto worth 1.5 lakh USDT

Accused Persons: Yeshwant Sawant, Shivshankar Mayekar, Umar Zahoor Shah, Neeraj Sharma, Rajesh Kumar, and others

Status: Further investigation under progress