The ED has arrested former UCO Bank CMD Subodh Kumar Goel in connection with an alleged ₹6,200 crore bank fraud case.
The Enforcement Directorate (ED) has arrested former UCO Bank CMD Subodh Kumar Goel, from his residence in New Delhi in connection with a probe against Concast Steel & Power Ltd. (CSPL) and others in an alleged bank fraud case.
He was brought before the special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17, and has been sent him to ED custody till May 21, the agency said in a statement.
Allegations againt UCO Bank ex-CMD
Goel was arrested from his Delhi residence on May 16, for alleged money laundering. This is in relation to an alleged bank loan fraud case of over ₹6,200 crore linked to a Kolkata-based company, according to a PTI report.
Premises linked to Goel and some other were raided by the ED in April, as part of this investigation, the PTI report added.
The charges comes from an FIR from the Central Bureau of Investigation (CBI) related to the sanction of credit facilities to CSPL and subsequent large-scale “diversion” and “siphoning” of loans amounting to ₹6,210.72 crore (principle amount without interest).
The ED claimed that during the tenure of Goel as the CMD of UCO Bank, large credit facilities were “sanctioned” to CSPL which were subsequently “diverted” and “siphoned off” by the borrower group; and in turn, Goel allegedly received “substantial illegal gratification” from CSPL.
“The illegal gratification was layered and channelled through various entities to give a facade of legitimacy. Investigation revealed that Goel received cash, immovable properties, luxury goods, hotel booking etc routed through a web of shell companies, dummy persons and through family members to conceal the criminal origin of the money,” the ED said.
Goel or his lawyer could not be contacted for a response on the allegations made by the ED against him.
Properties acquired through shell companies identified
As per the ED statement, several properties acquired through shell or dummy companies — “beneficially owned or controlled” by Goel and his family members — have been identified.
“The source of funds of these entities is linked to CSPL. Evidence gathered so far also shows use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks,” the ED said.
Case Background
Notably, in December 2024, the ED arrested Sanjay Sureka, the main promoter of CSPL. A chargesheet was also filed before the Kolkata court in February 2025, the PTI report added.
The agency had attached assets worth ₹510 crore of Sureka and CSPL as part of two orders issued under the PMLA.
Read More Related Blogs :
