The Enforcement Directorate (ED) has arrested former UCO Bank Chairman and Managing Director (CMD) Subodh Kumar Goel on charges of money laundering. The case is linked to a major bank loan fraud involving more than ₹6,200 crore.
Goel was taken into custody from his home in New Delhi on May 16. The case involves Concast Steel and Power Ltd (CSPL), a Kolkata-based company. The next day, he was brought before a special court in Kolkata, which sent him to ED custody until May 21.
Earlier in April, the ED had searched the homes and offices of Goel and others as part of this investigation.
The case began with a complaint filed by the CBI, which claimed that UCO Bank had approved large loans to CSPL during Goel’s time as CMD. These loans, worth ₹6,210.72 crore (excluding interest), were allegedly misused and siphoned off by the company.
According to the ED, Goel received bribes from CSPL in return for approving the loans. These payments were made in different forms—cash, expensive gifts, properties, hotel bookings, and luxury goods—and were hidden through shell companies and fake names to make them look legal.
The agency claims these companies were controlled by Goel and his family. The funds used by these companies are believed to have come from CSPL. Evidence shows that fake financial entries and a complex web of transactions were used to hide the bribes.
Sanjay Sureka, the main promoter of CSPL, was arrested by the ED in December 2024. A chargesheet was filed in February 2025. So far, the ED has seized properties worth ₹510 crore from Sureka and his company.
Goel or his lawyer have not responded to the allegations.
