Bank Fraud
Probe agency arrests UCO Bank former MD Goel in INR-62-bln bank fraud case
This story was originally published at 13:49 IST on 19 May 2025
Register to read our real-time news.Informist, Monday, May 19, 2025
NEW DELHI – The Enforecement Directorate arrested former chairman and managing director of UCO Bank Subodh Kumar Goel on Friday in relation to a bank fraud case of Concast Steel & Power Ltd., in which INR 62.11 billion was siphoned off, the probe agency said in a release Monday. Goel was taken into custody from his residence, under the Prevention of Money Laundering Act, 2002. He was produced before a special PMLA court in Kolkata on Saturday which sent him to Enforecement Directorate's custody till Wednesday, the agency said.
The Enforecement Directorate had initiated the investigation on the basis of a first information report registered by the Central Bureau of Investigation related to large credit facilities being sanctioned to the Kolkata-based steel and power company by UCO Bank, which were subsequently diverted and siphoned off by the borrower group. In turn, Goel received substantial illegal gratifications from the company.
According to the release, investigation revealed that Goel received cash, immovable properties, luxury goods, hotel booking, among other favours routed through a web of shell companies, dummy persons and through family members to conceal the criminal origin of the money. Several properties acquired through shell companies have been identified by the department. "These shell entities are beneficially owned or controlled by Subodh Kumar Goel and his family members," the probe agency said.
Earlier in December 2024, during the investigation of the kolkata-based company, assets worth approximately INR 5.10 billion in the form of immovable properties related to owner of the company Sanjay Surekha were provisionally attached. End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
