ED arrests ex-UCO Bank CMD in Rs 6,210 crore bank fraud case
THE JHARKHAND STORY DESK New Delhi, May 19: Former UCO Bank Chairman and Managing Director (CMD), Subodh Kumar Goel, has been…
THE JHARKHAND STORY DESK
New Delhi, May 19: Former UCO Bank Chairman and Managing Director (CMD), Subodh Kumar Goel, has been arrested by the Enforcement Directorate (ED) in connection with a massive bank fraud case involving Concast Steel and Power Ltd (CSPL).
The financial probe agency, after gathering evidence of large-scale corruption and money laundering, took Goel into custody from his New Delhi residence on May 16.
He was subsequently presented before a special PMLA court in Kolkata on May 17, which granted ED his custody until May 21.
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The arrest follows a probe under the Prevention of Money Laundering Act (PMLA), stemming from a CBI FIR that exposed the fraudulent sanction and diversion of ₹6,210.72 crore in credit facilities by CSPL.
Kickbacks and Illegal Benefits Received by Goel
According to ED findings, during Goel’s tenure as CMD of UCO Bank, substantial loans were approved for CSPL, which were later siphoned off. Investigators allege Goel personally benefited from these transactions through illicit kickbacks.
The ED has revealed that Goel received cash payments, luxury items, immovable assets, hotel accommodations, and other gratifications, all cleverly routed through a network of front companies, shell entities, and individuals close to him.
Layered Transactions and Shell Entities Uncovered
These entities, believed to be controlled by Goel and his family, were used to mask the illegal origin of the funds and create a veneer of legitimacy.
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Multiple properties and financial channels tied to these shell companies have been identified. According to the agency, the structured layering of funds, use of dummy accounts, and accommodation entries were all part of a sophisticated operation to conceal kickbacks.
The ED had earlier conducted raids at Goel’s residence and other associated locations on April 22, seizing incriminating documents and evidence pointing to his involvement in the conspiracy.
