The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, former Chairman and Managing Director (CMD) of UCO Bank, in connection with a massive Rs6,200 crore loan fraud and money laundering case involving Concast Steel and Power Ltd (CSPL).
Goel was arrested from his residence on May 16 and produced before a special Prevention of Money Laundering Act (PMLA) court in Kolkata the next day. He was remanded to ED custody until May 21, the agency confirmed.
The ED had earlier conducted searches at Goel’s premises in April 2025 as part of the probe. The investigation is based on a CBI FIR that uncovered large-scale loan diversions and siphoning of credit sanctioned to CSPL during Goel’s tenure at UCO Bank.
According to the ED, Goel facilitated credit facilities to CSPL, which were later misused, and in return, he allegedly received illegal gratification in the form of:
Cash
Luxury goods
Hotel bookings
Immovable properties
These were funneled through a network of shell companies, dummy individuals, and family members to mask the illicit origin of the money. Investigators found that these entities were beneficially owned or controlled by Goel and had funding trails connected to CSPL.
The ED described the scheme as involving structured layering, accommodation entries, and kickback settlements via front companies.
In an earlier development, Sanjay Sureka, the main promoter of CSPL, was arrested by the ED in December 2024, and a chargesheet was filed in February 2025. Assets worth Rs510 crore have been provisionally attached under two ED orders in connection with the case.
Goel and his legal representatives have not issued a statement in response to the allegations.
