₹6,200 crore bank loan fraud case: ED arrests former UCO Bank CMD Subodh Kumar Goel on money-laundering charges
The Hindu
Former UCO Bank CMD arrested by ED in ₹6,200 crore bank loan fraud case involving Kolkata-based company.
New Delhi
The Enforcement Directorate (ED) on Monday (May 19, 2025) said it has arrested former UCO Bank CMD Subodh Kumar Goel on money-laundering charges in an alleged bank loan fraud case of more than ₹6,200 crore linked to a Kolkata-based company.
Goel was arrested at his residence in New Delhi on May 16, 2025, in the case being probed against Concast Steel and Power Limited (CSPL) and others.
The Federal Probe Agency said in a statement that he was produced before the special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17, 2025, which sent him to ED custody until May 21, 2025. The ED had raided the premises of Goel and some others in April as part of this investigation.
The money-laundering case stems from a CBI FIR related to the sanction of credit facilities to CSPL and subsequent large-scale "diversion" and "siphoning" of loans amounting to ₹6,210.72 crore (principal 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. In turn, it alleged, Goel 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.
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