https://www.cnbctv18.com/business/finance/former-uco-bank-cmd-subodh-kumar-goel-arrested-in-money-laundering-case-19606514.htm

The Enforcement Directorate(ED) has arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, inconnection with a money laundering case involving alleged irregularities in the sanctioning of loans worth R6,210.72 crore to M/s Concast Steel Power Ltd (CSPL).

Goel was arrested from his residence in New Delhi on May 16, 2025, and produced before the Special Court under the Prevention of Money Laundering Act (PMLA) in Kolkata the following day.

The court granted ED custody of Goel until May 21.

The ED initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Kolkata, which flagged large-scale diversion and siphoning of loan funds sanctioned to CSPL during Goel's tenure at UCO Bank.

According to the ED, its probe has revealed that Goel facilitated substantial credit facilities to CSPL, which were subsequently misused by the borrower group. In return, Goel allegedly received illegal gratifications in the form of cash, immovable assets, luxury goods, hotel bookings, and other perks. These kickbacks were reportedly routed through a network of shell companies, dummy entities, and close family members to mask their criminal origin.

The ED further stated that multiple properties acquired through these shell companies have been traced back to Goel and his family. The funds for these acquisitions were allegedly linked to CSPL, with the transactions structured through accommodation entries and complex layering.

Searches conducted on April 22 at Goel’s premises and those of other related individuals led to the seizure of several incriminating materials detailing the flow of illegal payments.

This arrest follows the earlier detention of CSPL promoter Sanjay Sureka, who was taken into custody on December 18, 2024, and remains in judicial custody. Assets worth ₹510 crore linked to CSPL and Sureka have already been provisionally attached during the investigation. The ED filed a Prosecution Complaint before the Chief Judge, City Sessions Court, Kolkata, on February 15, 2025.

A banking veteran with decades of experience

Subodh Kumar Goel's academic background includes a postgraduate degree in commerce from the Delhi School of Economics and an LLB from the University of Rajasthan. He is also a Certified Associate of the Indian Institute of Bankers.

He began his banking career with Bank of Baroda in 1974, before moving to Andhra Bank, where he rose through the ranks to become General Manager by 1997. As Chief Vigilance Officer at Bank of India from 1999 to 2002, he was credited with unearthing several high-profile scams, including the Ketan Parekh fraud. Goel later served as Executive Director of Allahabad Bank and took charge of UCO Bank as CMD in 2007.

He also headed the India Infrastructure Finance Company Ltd (IIFCL). Goel was most recently appointed as an Independent External Monitor for Oriental Bank of Commerce and NABARD by the Central Vigilance Commission.