ED Arrests UCO Bank's Former MD, Subodh Kumar Goel, In Fraud Case

Goel was apprehended from his residence in New Delhi on May 16 by officials from the ED’s Kolkata Zonal Office, and presented before a special court dealing with PMLA cases in Kolkata on May 17.

The court subsequently granted the ED custody of the former banking executive until May 21, allowing further interrogation and investigation in connection with the ongoing case.

Source : Freepik

Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank, has been taken into custody by the Enforcement Directorate (ED) as part of a broader probe into an alleged bank fraud involving Concast Steel & Power Ltd (CSPL) and other entities.

Goel was apprehended from his residence in New Delhi on May 16 by officials from the ED’s Kolkata Zonal Office, reported ANI. His arrest falls under the legal framework of the Prevention of Money Laundering Act (PMLA), 2002.

Following his detention, Goel was presented before a special court dealing with PMLA cases in Kolkata on May 17. The court subsequently granted the ED custody of the former banking executive until May 21, allowing further interrogation and investigation in connection with the ongoing case.

The arrest marks a significant development in the ED’s ongoing efforts to uncover financial irregularities linked to Concast Steel & Power Ltd (CSPL). The authority began its investigation on the basis of the FIR registered by the Central Bureau of Investigation (CBI) regarding the sanction of credit facilities to CSPL and diversion and siphoning of loan funds worth Rs 6210.72 crore. This amount includes interest.

The investigation found that under his leadership, large credit facilities were approved for CSPL by the UCO Bank, which were subsequently diverted and siphoned off. 

As a result, the authority said that Subodh received major illegal gratifications from the 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, hotel bookings, luxury goods, 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.

During the earlier probe into CSPL, the authorities found assets worth nearly Rs 510 crore in the form of immovable properties related to Sanjay Surekha and CSPL. Surekha, the main promoter of the company, was arrested on December 18, 2024, and remains in judicial custody.