ED starts investigation against Branch Manager in Rs 1.28 Crore Fraud, Fake Loan Accounts were Opened
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The Enforcement Directorate (ED), Panaji Zonal Office, has provisionally attached two properties located in Vasco-da-Gama, Goa, worth ₹1.05 crore. This action was taken on July 3, 2025, under the Prevention of Money Laundering Act (PMLA), 2002. The case is linked to a fraud involving the Sada Urban Co-operative Credit Society Ltd. (SUCCSL).
Background of the Case
The ED began its investigation based on an FIR and charge sheet filed by the Goa Police. The complaint was against Mrs. Uma Nilesh Hondad, also known by the names Ms. Uma Raju Helawar and Ms. Uma. At the time of the fraud, she was serving as the Branch Manager of SUCCSL’s Zuarinagar branch.
She and a few others were accused of cheating, forging documents, and misusing society funds amounting to ₹1.28 crore.
How the Fraud Was Carried Out
According to the ED’s investigation, Ms. Uma misused her official position and worked together with others to steal money from the co-operative society. The fraudulent methods they used included:
- Opening fake loan accounts in the names of innocent society members who were unaware of it.
- Creating fake gold loan accounts without actually taking any gold as security.
- Misusing Fixed Deposits that were supposed to be safe.
- Forging signatures of senior officials to withdraw money illegally from the society’s bank account.
What Happened to the Stolen Money?
The money obtained through fraud, referred to as Proceeds of Crime (POC), was transferred to Ms. Uma’s personal bank accounts. The money was also sent to the accounts of her family members and close associates. The funds were then used for personal spending and to buy or release properties.
The ED has attached the following two immovable properties worth ₹1.05 crore:
- A commercial shop called ‘Vasco Times’
- A residential house in Vasco-da-Gama
These properties were purchased or maintained using the stolen money and therefore have been attached by the ED under the law. So far, the total amount of money identified by the ED in this money laundering case is ₹1.11 crore.
