Friday | Jun 13 2025 | 07:13:37 AM
New Delhi, May 20
Directorate of Enforcement (ED) has arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank from his residence in New Delhi in connection with an ongoing investigation under the provisions of the PMLA, 2002 against M/s Concast Steel & Power Ltd. (CSPL) and others in a bank fraud case.
ED initiated investigation on the basis of FIR registered by the CBI, BSFB, Kolkata, relating to the sanction
of credit facilities to CSPL and subsequent large-scale diversion and siphoning of loan funds amounting to Rs. 6210.72 Crore (principle amount without interest)
ED investigation revealed that during the tenure of Subodh Kumar Goel as CMD of UCO Bank, large credit
facilities were sanctioned to CSPL by UCO Bank, which were subsequently diverted and siphoned off by the
borrower group. In turn, Subodh Kumar Goel received substantial illegal gratifications 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. Several properties acquired through shell companies have been identified. These shell entities are beneficially owned or controlled by Subodh Kumar Goel and his family members. Source of fund of these entities is linked to CSPL, ED said.
The officials added that evidence gathered so far also shows use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks. The agency also conducted searches at the residential premises of Subodh Kumar Goel and other related persons. Various incriminating materials were seized which contain details of various illegal gratifications received by Subodh Kumar Goel, ED added.
