In what has become a recurring theme over the last decade, India’s top banking executives — once held in high esteem — are being paraded in courtrooms, facing serious charges of corruption, money laundering, and fraudulent loan disbursements.
The most recent example is Subodh Kumar Goel, former CMD of UCO Bank, arrested by the Enforcement Directorate (ED) in connection with a ₹6,200 crore loan fraud involving Concast Steel & Power Ltd. As reported, Goel was taken into custody from his residence in connection with money laundering linked to this massive NPA case.
But Goel is not the only name. Over the past ten years, several prominent bankers have walked the corridors of power only to later be summoned to prison cells.
From ICICI to Syndicate: A Web of Fraudulent Approvals and Bribes
Chanda Kochhar, former MD & CEO of ICICI Bank, rose to prominence as a symbol of corporate leadership. But her fall was just as steep. Accused of conflict of interest and corruption in granting ₹3,250 crore in loans to Videocon, the case spiraled when ₹64 crore landed in her husband Deepak Kochhar’s firm. She was arrested in 2022, although granted bail by the Bombay High Court in 2024.
Then came S.K. Jain, the former Syndicate Bank CMD, who was suspended and later dismissed after the CBI caught him red-handed taking bribes in exchange for enhancing credit limits for Bhushan Steel and others. Investigations uncovered ₹21 lakh in cash, ₹1.68 crore worth of gold, and receipts worth ₹63 lakh.
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Shyamal Acharya of SBI, too, was caught in the crossfire of corruption, accused of accepting a ₹3 crore bribe while approving a ₹250 crore loan. Some of the bribes were routed through accounts held by relatives.
Kingfisher, DPSK, and Hotel Deals: New Frontiers of Loan Abuse
Yogesh Agarwal, the former head of IDBI Bank, was booked by the CBI in 2017 for irregularities in a ₹950 crore loan to Kingfisher Airlines, flouting norms even as the airline was collapsing under debt.
Ravindra Marathe, ex-CEO of Bank of Maharashtra, was held by Pune police for involvement in the ₹2,043 crore DPSK Developers fraud, accused of sanctioning ₹94.52 crore in loans improperly.
And then there’s Pratip Chaudhuri, ex-chairman of SBI, who approved the sale of ₹200 crore worth of property for just ₹25 crore in a Jaisalmer hotel project. His arrest in 2021 and the swift bail that followed drew both criticism and concern over regulatory oversight.
Rana Kapoor, the co-founder of Yes Bank, was perhaps the most infamous of them all. Arrested in 2020 by the ED, he stood accused of accepting ₹600 crore in bribes from DHFL and Avantha Group. His properties worth ₹2,203 crore were seized. After four years behind bars, he was granted bail in 2024.
A Pattern of Power and Impunity Breaking Down
These high-profile cases share a common theme — institutional complacency, personal greed, and systemic gaps that enabled unchecked fraud. As India’s financial ecosystem attempts to heal, these arrests serve as cautionary tales for future bankers: no one is above the law.
But critics argue that until regulatory bodies act with consistent speed and independence, these arrests may remain symbolic — impactful, but not transformative.