Key Points
- Former UCO Bank CMD Subodh Kumar Goel arrested by ED in a ₹6,210 crore bank fraud and money laundering case.
- Goel accused of sanctioning large loans to Concast Steel & Power Ltd (CSPL), which were later siphoned off.
- ED alleges Goel received substantial illegal kickbacks through shell companies and associates.
- Goel remanded to ED custody till May 21 for further interrogation.
- The case is part of a wider crackdown on high-value banking frauds in India.
New Delhi: The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank, in connection with a massive ₹6,210.72 crore bank fraud and money laundering case linked to Concast Steel & Power Ltd (CSPL) and others. Goel was apprehended from his residence in New Delhi on May 16 by the ED’s Kolkata Zonal Office and produced before a special court in Kolkata the following day. The court has remanded him to ED custody till May 21 for ongoing interrogation and investigation.
How the Scam Unfolded: Sanctioned Loans, Siphoned Funds, and Illegal Kickbacks
The investigation stems from a Central Bureau of Investigation (CBI) FIR that alleged large-scale diversion and siphoning of loan funds sanctioned to CSPL during Goel’s tenure as UCO Bank chief. According to the ED, Goel approved significant credit facilities to CSPL, which were subsequently misappropriated by the borrower group. In return, Goel allegedly received substantial illegal gratifications-including cash, immovable properties, luxury goods, and hotel bookings-channeled through a web of shell companies, dummy individuals, and even his family members to disguise the illicit origins of the funds.
The ED claims to have identified several properties and assets acquired through these shell entities, which are believed to be beneficially owned or controlled by Goel and his family. Evidence reportedly shows systematic layering and accommodation entries via front companies for the settlement of kickbacks.
Previous Arrests and Asset Seizures
This arrest follows a series of raids and searches conducted by the ED at Goel’s premises and other locations in April. Earlier, the main promoter of CSPL, Sanjay Sureka, was arrested in December 2024, and assets worth ₹510 crore belonging to Sureka and CSPL were attached under the Prevention of Money Laundering Act (PMLA). The ED has already filed a chargesheet in the case and continues to investigate the broader network of individuals and entities involved.
What’s Next in the Probe
Goel’s arrest marks a significant escalation in the crackdown on high-value banking frauds in India. With his custody extended till May 21, the ED is expected to further interrogate Goel to uncover the full extent of the money trail, the role of other bank officials, and the network of shell companies used to launder the proceeds of the alleged scam.
Summary Table: Key Details of the UCO Bank Fraud Case
| Aspect | Details |
|---|---|
| Accused | Subodh Kumar Goel (Ex-CMD, UCO Bank) |
| Crime | Sanctioning and diversion of ₹6,210.72 crore in loans to CSPL |
| Modus Operandi | Illegal gratifications, shell companies, dummy individuals, layering |
| Arrest Date | May 16, 2025 |
| Custody | Remanded to ED till May 21, 2025 |
| Linked Entities | Concast Steel & Power Ltd (CSPL), Sanjay Sureka, shell companies |
| Previous Actions | Raids, asset attachments (₹510 crore), earlier arrests |
The case underscores the ED’s intensified focus on tackling major banking frauds and holding top executives accountable for financial crimes in India.
