Digital Goa, May 08 – Directorate of Enforcement has conducted raids at six locations in Goa linked to M/s Crown Mineral Trading Corporation (CMC) in the alleged multi-bank loan fraud racket and seized ₹67.50 lakh in cash along with property documents and digital devices. The case stems from a complaint by Canara bank, which accused the firm of fraudulently availing a ₹7 crore credit facility from its Margao branch. The account later turned into a Non-Performing Asset (NPA) with dues of ₹6.19 crore. According to ED, the firm, which claimed to be involved in raw iron ore trading, allegedly had no real business operations. ED has alleged that the accused mortgaged the same properties with several banks simultaneously, including Madgaum Urban Co-operative Bank, Central Bank of India, Indian Bank, Karnataka Bank and Bank of Baroda, to secure additional loans worth over ₹10 crore. Investigators also found that multiple sale deeds for the same properties were allegedly created and submitted to different banks as part of the conspiracy to disguise the proceeds of crime. Earlier, ED had attached properties worth ₹2.86 crore linked to the partners under PMLA. Further investigation is in progress. Incidentally, CBI has also registered a case against the company in 2022 for cheating the nationalised bank.
