Former UCO Bank CMD Subodh Kumar Goel Arrested by ED in ₹6,210 Crore Bank Fraud Case Linked to Concast Steel
(Syed Ali Taher Abedi)
New Delhi,19, May-2025-The Directorate of Enforcement (ED), Kolkata Zonal Office, has arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, from his residence in New Delhi on May 16, 2025. The arrest is part of an ongoing investigation under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, relating to M/s Comcast Steel & Power Ltd. (CSPL) and others in a large-scale bank fraud case.
Following his arrest, Goel was presented before the Hon’ble Special Court (PMLA), Kolkata on May 17, 2025, where the court granted ED custody until May 21, 2025.
Background of the Investigation
The ED’s probe was initiated based on an FIR registered by the Central Bureau of Investigation (CBI), BSFB, Kolkata, which alleged irregularities in the sanctioning of credit facilities to CSPL. Investigations revealed large-scale diversion and siphoning of loan funds, amounting to ₹6,210.72 crore (principal amount without interest).
During Goel’s tenure as CMD of UCO Bank, substantial credit facilities were extended to CSPL, which were later misappropriated by the borrower group. Further inquiries revealed that Goel received significant illegal gratifications from CSPL, including cash, immovable properties, luxury items, and high-value accommodations. These illicit benefits were funnelled through multiple shell companies, dummy individuals, and family members to conceal their criminal origins.
Findings and Legal Proceedings
Authorities have identified several properties acquired through shell entities beneficially owned or controlled by Goel and his family members, with funding sources linked to CSPL. Accommodation entries and structured layering through front companies were also used to systematically settle kickbacks.
On April 22, 2025, ED conducted search operations at Goel’s residence and other associated premises, recovering various incriminating materials detailing illegal gratifications.
Previously, during investigations into CSPL, assets worth approximately ₹510 crore in the form of immovable properties connected to Sanjay Surekha and CSPL were provisionally attached under separate orders. Additionally, search operations across multiple locations led to the recovery of crucial evidence.
The main promoter of CSPL, Sanjay Surekha, was arrested on December 18, 2024, and remains in judicial custody. A Prosecution Complaint (PC) was filed before the Court of Ld. Chief Judge, City Sessions Court, Kolkata, on February 15, 2025.
Ongoing Investigations
The ED continues to investigate the case, focusing on tracing additional financial irregularities and undisclosed assets connected to the accused.
