In a significant development in one of India’s largest bank fraud cases, the Enforcement Directorate (ED) has arrested a chartered accountant from Kolkata for allegedly laundering crores of rupees through shell companies. The case is connected to a massive ₹1,460 crore financial scam involving UCO Bank, a government-owned lender.
Who Was Arrested and Why?
The accused, Anant Kumar Agarwal, a practising chartered accountant, was taken into custody under the Prevention of Money Laundering Act (PMLA) on June 25, 2025. Authorities claim that Agarwal played a key role in creating and managing fake companies used to route illegal funds for Subodh Kumar Goel, the former chairman and managing director (CMD) of UCO Bank, who had already been arrested earlier this year.
According to the ED’s investigation, Agarwal was paid hefty commissions to facilitate these illegal transactions and helped disguise the proceeds of crime as legitimate investments and unsecured loans.
The ₹1,460 Crore UCO Bank Fraud: What We Know
The case revolves around massive loans allegedly sanctioned by Goel during his tenure to Concast Steel and Power Ltd (CSPL), a company that later defaulted, leaving UCO Bank with non-performing assets (NPAs) amounting to ₹1,460 crore. The ED found that the loan proceeds were diverted to a web of shell companies and fictitious entities to conceal their origin.
These dummy firms, reportedly created and maintained by Agarwal and his associates, moved large sums under the guise of share capital investments and unsecured loans, making it difficult for financial watchdogs to trace the money trail.
Financial Professionals Under the Scanner
This arrest is part of a growing trend where financial experts like chartered accountants, auditors, and legal advisors are being implicated for facilitating white-collar crimes. The ED noted that without such professional expertise, large-scale financial crimes like this would be difficult to execute and conceal.
In recent months, the agency has made multiple arrests of professionals accused of laundering proceeds from cybercrimes, betting rackets, and real estate scams. The move signals a stricter enforcement approach toward individuals in trusted positions who misuse their expertise for unlawful gains.
What Happens Next?
Anant Kumar Agarwal has been remanded to ED custody for questioning, and authorities are now trying to identify other financial professionals and middlemen who may have been involved in similar operations. The ED is also working to trace and seize assets purchased with laundered money.
The case adds to growing concerns about the vulnerability of India’s financial system and how easily fake companies can be set up to move illegal funds. Financial regulatory bodies are expected to tighten scrutiny over professionals linked to large financial transactions and corporate structuring.