The Directorate of Enforcement (ED) in Kolkata, West Bengal, is still investigating a INR62.1 billion (USD728.9 million) bank fraud a week after the arrest of UCO Bank’s former chairman and managing director, Subodh Kumar Goel.
The ED arrested Goel on 16 May 2025 in his New Delhi home, accusing him of taking bribes and participating in approving bank loans to Concast Steel & Power Limited (CSPL), and subsequently siphoning the funds for personal gain.
The ED case stems from the Central Bureau of Investigation filing a first information report alleging that CSPL siphoned off funds totalling INR62.1 billion in loans from 27 banks.
As part of the larger case, Goel allegedly played a key role in approving loans from UCO Bank to CSPL, which were later siphoned off and led to losses of INR14.62 billion.
The ED investigation showed that CSPL and others diverted funds through shell and front companies, which made the transactions appear legitimate.
Goel had received cash, immovable properties, luxury goods, hotel bookings, etc., through shell companies under the ownership of himself, or his family members, investigations showed.
Goel remains in custody with the ED in Kolkata as investigations continue and the judicial process is expected to start soon.
On 18 December 2024, CSPL’s main promoter Sanjay Surekha had been arrested and remained in custody after ED investigations led to the provisional attachment of immovable properties worth INR5.1 billion.
