Enforcement Directorate (ED) arrested former chairman and MD of UCO Bank, Subodh Kumar Goel, on May 16. The arrest of the Kolkata-headquartered bank’s former MD is in relation to an ongoing investigation against Concast Steel & Power Ltd (CSPL) and others in a bank fraud case, ED mentioned in a statement on Monday. Goel will be in the custody of ED till May 21.
“ED, Kolkata Zonal office has arrested Subodh Kumar Goel, former Chairman and MD of UCO Bank from his residence in New Delhi on 16.05.2025 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,” said ED.
The investigation began after an FIR was lodged by the CBI in connection to the sanction of credit facilities to CSPL, followed by diversion and siphoning of loan funds in a multi-crore Bank fraud. Goel was heading the Kolkata-headquartered UCO bank when the large credit was sanctioned to CSPL.
ED has alleged that Goel, in return of the favour received significant illegal gratifications from CSPL, including cash, immovable properties, luxury goods, and hotel bookings. These transactions were carried out via shell companies.
In April 2025, searches were carried out at Goel's residence and certain incriminating materials were seized.
“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 and through family members to conceal the criminal origin of the money,” said ED.
CSPL’s main promoter, Sanjay Sureka was arrested in December last year and has been in judicial custody since then. He was arrested following multiple searches at around 10 locations, where jewellery worth Rs 4.5 crore and several foreign-made luxury cars were seized.
