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The Enforcement Directorate (ED), Kolkata Zonal Office, has arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, in connection with a bank fraud case involving
Concast Steel & Power Ltd. (CSPL). Goel was taken into custody from his New Delhi residence on 16 May 2025 and produced before the Special Court (PMLA) in Kolkata on 17 May. The court has
remanded him to ED custody until 21 May 2025.
The arrest follows an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on a CBI FIR registered by the Banking and Securities Fraud Branch (BSFB),
Kolkata. The case centres on the alleged sanction and diversion of credit facilities worth ₹6,210.72 crore (principal amount) granted to CSPL during Goel’s tenure as CMD of UCO Bank. BFSB is
a branch of CBI.
According to the ED, its probe revealed that Goel played a key role in approving large loans to CSPL, which were later siphoned off by the borrower group. In return, Goel allegedly received
substantial illegal gratifications, including cash, real estate, luxury items, and hotel bookings. These kickbacks were allegedly routed through a complex network of shell companies, dummy
individuals, and family members to disguise the illicit origins of the funds.
The investigation has uncovered several immovable properties acquired through shell companies, which the ED claims are beneficially owned or controlled by Goel and his relatives. The source
of funds for these entities has been traced back to CSPL. The agency also found evidence of structured layering and accommodation entries used to settle the bribes systematically.
Earlier, on 22 April 2025, searches were carried out at Goel’s residence and other linked locations, resulting in the seizure of documents detailing the alleged illegal gratifications.
In a related development, the ED had earlier provisionally attached assets worth ₹510 crore belonging to CSPL and its promoter, Sanjay Sureka, who was arrested on 18 December 2024 and
remains in judicial custody. A prosecution complaint in the case was filed before the Chief Judge of the City Sessions Court, Kolkata, on 15 February 2025.
The ED stated that further investigation into the financial trail and associated beneficiaries is currently underway.