The Enforcement Directorate (ED) has attached immovable and movable assets valued at ₹106 crore belonging to former UCO Bank Chairman and Managing Director (CMD) Subodh Kumar Goel. The action is part of an ongoing investigation into an alleged ₹6,210.72 crore fraud by Concast Steel and Power Ltd. (CSPL) and its directors.
Goel, who was arrested on May 16, is accused of playing a critical role in sanctioning loans exceeding ₹1,460 crore to CSPL during his tenure at UCO Bank. These loans, which later became non-performing assets (NPAs), were allegedly cleared in exchange for illegal financial gratifications, including cash and properties routed through a web of shell companies.
Supplementary Charges Filed in PMLA Court
In connection with the case, the ED has also filed a Supplementary Prosecution Complaint before the Special Court under the Prevention of Money Laundering Act (PMLA), Kolkata. The complaint names Subodh Kumar Goel, his family members, close aides, and associated companies.
The ED’s investigation stems from an FIR lodged by the Central Bureau of Investigation (CBI), Bank Securities and Fraud Branch (BSFB), Kolkata, against CSPL and its promoters for allegedly defrauding multiple banks and financial institutions through elaborate fraudulent schemes.
Among others arrested in the case is Chartered Accountant Anant Kumar Agarwal, a close associate of Goel. Agarwal was taken into custody in June for his alleged involvement in managing shell firms, facilitating accommodation entries, and routing illegal payments tied to the scam.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
The agency’s findings indicate a complex web of shell companies and dummy transactions used to launder the proceeds of crime. Authorities believe Goel received substantial benefits in exchange for favouring CSPL in loan sanctions.
The ED continues to trace additional assets and money trails related to the scam, which is one of the larger fraud cases in the banking sector in recent years.