The Directorate of Enforcement (ED), Panaji Zonal Office, has provisionally attached immovable properties, including multiple plots of land and a residential villa in South Goa, valued at Rs 2.86 crore, vide Provisional Attachment Order (PAO) dated August 28, 2025. This action has been taken under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), in connection with a bank fraud case involving Canara Bank.
According to an official statement, the ED initiated its investigation based on an FIR and chargesheet filed by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau, Goa, against Crown Minerals Trading Corporation (CMTC) and its partners. The partners stand accused of conspiring to cheat Canara Bank by fraudulently securing a loan facility amounting to Rs 7 crore, which was subsequently defaulted upon.
The investigation revealed that the partners of CMTC obtained an OpenCash Credit (OCC) facility of Rs 7 crore from Canara Bank under the false pretence of engaging in the raw iron ore trade. The accused dishonestly mortgaged properties as collateral that were already pledged with multiple other banks and financial institutions.
Immediately following the disbursement of the loan, the funds were siphoned off and diverted to the personal and proprietary bank accounts of the partners through fictitious business transactions. These illicit funds, constituting the Proceeds of Crime (POC), were subsequently used for personal enrichment and to acquire additional immovable assets.
The attached properties, valued at Rs 2.86 crore, include 22 plots of land in Dharbandora belonging to partner Riyaz Shaikh, and two plots of land in Cuncolim along with a row villa in Fatorda belonging to managing partner Aditya Angle. These properties have been provisionally attached as they were acquired from illicit proceeds and represent a portion of the quantified Proceeds of Crime, which total Rs 7 c in this case.