Former UCO Chairman Subodh Kumar Goel arrested by ED in Bank Fraud Case
New Delhi: The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, former chairman and managing director of UCO Bank, in connection of probe for a bank fraud
ED’s Kolkata Zonal Office has taken Mr. Goyal into his custody on May 16 from his residence, under the Prevention of Money Laundering Act (PMLA), 2002 and was produced before a special PMLA court in Kolkata on May 17. He has been sent into ED custody till May 21 by the court.
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The investigation of Enforcement Directorate is actually based on an FIR registered by the Central Bureau of Investigation (CBI) regarding credit sanctions extended to Chhattisgarh-based company CSPL which amounted to loan of Rs 6,210.72 crore in principal and were misused and removed by the group of borrower.
The credit facilities in question were approved during Goel’s leadership at UCO Bank as per the ED and the investigation shows that during the tenure of Subodh Kumar Goel as CMD of UCO Bank, large credit facilities were sanctioned to CSPL by UCO Bank, which were subsequently diverted and siphoned off by the borrower group.
In turn, Subodh Kumar Goel received substantial illegal gratifications from CSPL,” the agency said.
According to ED Statement issued, Mr. Goel received illicit benefits in the form of cash, immovable properties, luxury items, and hotel bookings. These were allegedly routed through a network of shell firms, proxies, and family members to obscure the illicit origin of the funds.
"The illegal gratification was layered and channeled through various entities to give a facade of legitimacy," the ED said, adding that multiple properties linked to Goel have been identified.
These assets were reportedly acquired via entities beneficially owned or controlled by him and his family. Further it added, the source of funds of these entities is linked to CSPL. The evidence also shows use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks.
Earlier, the investigation agency had arrested Sanjay Sureka, the principal promoter of CSPL, in December 2024. Meanwhile, a chargesheet was also filed in February 2025 in a special court in Kolkata. In addition, assets worth Rs 510 crore belonging to Sureka and CSPL have been attached under two separate PMLA orders.
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