Ex-UCO Bank Head Held in Massive ₹6,200 Crore Loan Fraud
The Enforcement Directorate (ED) has taken a major step in its investigation into a massive bank fraud case, arresting Subodh Kumar Goel, the former Chairman and Managing Director (CMD) of UCO Bank. Goel was apprehended from his residence in New Delhi on May 16 and brought before a special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17. The court has remanded him to ED custody until May 21.
The Allegations
The ED alleges that Goel was involved in money laundering related to a loan fraud of over ₹6,200 crore involving Concast Steel & Power Ltd (CSPL), a Kolkata-based company. According to a report by PTI, the ED claims that during Goel’s tenure as CMD of UCO Bank, large credit facilities were sanctioned to CSPL. These loans, the agency alleges, were subsequently diverted and siphoned off by CSPL, with Goel receiving substantial illegal gratification in return.
The ED further states that Goel allegedly received cash, immovable properties, luxury goods, and hotel bookings through a network of shell companies, dummy individuals, and family members. These transactions, according to the ED, were designed to disguise the criminal origins of the money.
Previous Actions and Connections
The ED had previously conducted raids on properties linked to Goel and others in April as part of this investigation. Notably, in December 2024, the ED had arrested Sanjay Sureka, the main promoter of CSPL. A chargesheet was also filed against Sureka and CSPL in February 2025. The ED had also attached assets worth ₹510 crore belonging to Sureka and CSPL under the PMLA.
Goel’s Response
Efforts to reach Goel or his lawyer for comment on the allegations made by the ED were unsuccessful.
Ongoing Investigation
The ED’s investigation into this case is ongoing. The agency is likely to scrutinize financial records, transactions, and other evidence to build a strong case against Goel and other individuals involved in the alleged fraud.
