The BRICS TimesA massive land grab scam has surfaced in Goa where Yashwant Sawant and his associates allegedly encroached on nearly 3.5 lakh square meters of government land using forged documents. The Enforcement Directorate (ED) carried out raids at 13 locations in Goa and Hyderabad, seizing ₹72 lakh in cash, seven luxury cars, and several bank accounts.
ED Raids in Goa and Hyderabad Reveal Land Grab Scam
Goa has witnessed a major revelation of illegal land acquisition. The Enforcement Directorate ED conducted extensive raids at 13 premises in Goa and Hyderabad. The investigation linked these raids to unlawful occupation of society-owned lands in the Anjuna and Assagao regions. According to findings, Yashwant Sawant and his partners allegedly manipulated old forged documents to illegally transfer ownership of nearly 3.5 lakh square meters of land. Authorities revealed that parts of this land were sold for huge profits, with the total value of the properties exceeding ₹1,200 crore.
During the operation, the ED recovered ₹72 lakh in cash and seized seven high-end vehicles including Porsche, BMW, Range Rover, and Mercedes models. Officials also froze multiple bank accounts and fixed deposits belonging to the accused. The ED stated that the inquiry is ongoing and further exposure of an extensive land grabbing network across Goa is expected.
Previous ED Action Under PMLA in Goa
Earlier, the ED’s Panaji regional office had conducted searches and seizures across Goa on September 5 under the Prevention of Money Laundering Act (PMLA), 2002. The operation was connected to a bank fraud involving fake gold ornaments.
Fraudulent Gold Loans with Fake Jewellery
In this case, ED raided the residential and commercial properties of Gundu Kelwekar and Hemant Raikar. The inquiry revealed that fake gold ornaments were used to fraudulently secure gold loans, causing UCO Bank a loss of ₹2.63 crore. Based on a complaint by the Economic Offences Cell in North Goa, ED initiated its investigation under PMLA. The FIR accused Kelwekar of conspiring with certified gold valuer Hemant Raikar to fraudulently obtain multiple gold loans from UCO Bank branches in Verna, Fatorda, and Margao.
The ornaments pledged for these loans were not real gold. Raikar allegedly certified them as genuine despite knowing they were merely yellow-plated white metal. Between 2019 and 2023, Kelwekar, with the assistance of his wife Mayuri and other associates, systematically procured several loans using this fraudulent scheme.
Money Trail Uncovered in ED Probe
ED investigators established that after loan amounts were disbursed into associates’ accounts, the funds were quickly transferred into Kelwekar’s savings account. He withdrew a significant portion in cash, including ₹79.65 lakh by himself and ₹48.75 lakh by his wife. Some amounts were routed through different entities, including jewelry traders, to disguise the proceeds of crime.
During searches at Kelwekar’s residence, officers recovered 4.5 kilograms of mixed yellow metal ornaments. An authorized appraiser confirmed these were not gold but white metal objects coated with yellow plating. The investigation further revealed that the fraudulent loans were not limited to UCO Bank. Other public sector and cooperative banks had also been targeted, which means the current ₹2.63 crore loss is likely to rise substantially. ED continues to scrutinize seized evidence to trace the entire money trail.
ED’s Dual Breakthrough in Goa
The Enforcement Directorate’s recent actions have exposed two significant scams—one involving illegal land grabs worth over ₹1,200 crore and the other a fraudulent gold loan racket. Both cases underline the growing financial crimes in Goa, with authorities determined to dismantle these organized networks.
