The Enforcement Directorate (ED) arrested former UCO Bank Chairman and Managing Director Subodh Kumar Goel from his residence in New Delhi in connection with the ongoing investigation against Concast Steel and Power Limited (CSPL) and others in the bank fraud case. Kolkata Zonal Office of ED arrested Subodh on 16 May under the provisions of the Money Laundering Act (PMLA), 2002.
ED custody sanctioned till 21 May
According to the news, Goyal was produced before a special PMLA court in Kolkata on 17 May and the court has approved Subodh’s ED custody till 21 May. It is reported that this arrest has been made in connection with investigation against Concast Steel and Power Limited (CSPL) and others in the bank fraud case.
6,210.72 crore accused of disturbing the loan amount
According to the news, Goyal is accused of disturbing the loan amount of Rs 6,210.72 crore. The ED says that the investigation has revealed that during the tenure of Subodh Kumar Goyal as UCO Bank Chairman and MD, a large loan was approved by UCO Bank to CSPL, which was later divert and silent by the bank. In return, Goyal received a hefty amount as a bribe.
Use of fake companies
It is also alleged that Goyal used fake companies for real estate, luxury goods, hotel booking etc. to hide bribe money. Prior to Goyal, ED arrested CSPL promoter Sanjay Sureka in December 2024 and filed a charge sheet in February 2025. Not only this, ED also seized assets worth about Rs 510 crore of Sanjay Sureka and CSPL. After the arrest of Goyal, more clearness in this case is coming.
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