ED attaches ₹106.36 cr assets of ex-UCO Bank CMD in bank fraud case
New Delhi, Jul 25, 2025
Subodh Kumar Goel faces charges of sanctioning loans that later became NPAs, with investigations linking his actions to a large-scale money laundering scheme
The Directorate of Enforcement (ED) on Friday said it has provisionally attached movable and immovable properties worth approximately ₹106.36 crore belonging to Subodh Kumar Goel (S.K. Goel), former CMD of UCO Bank, and his related entities. The attachment, ordered on July 9, 2025, is part of an ongoing money laundering investigation linked to a massive bank fraud case.
On July 11, the ED also filed a supplementary prosecution complaint before the Special PMLA Court, Kolkata, against S.K. Goel, his family members, close aides, and associated companies.
The probe stems from an FIR registered by the CBI against M/s Concast Steel & Power Ltd. (CSPL) and its promoters for defrauding banks and financial institutions of ₹6,210.72 crore (excluding interest) through diversion of funds, inflated stock statements, and manipulated balance sheets.
S.K. Goel, who was arrested on May 16, 2025, is accused of sanctioning loans exceeding ₹1,460 crore to CSPL, which later turned into non-performing assets (NPAs). In exchange, Goel allegedly received illegal gratifications in the form of cash, properties, and other benefits routed through shell companies and layered transactions.
“Anant Kumar Agarwal, a chartered accountant and close associate of Goel, was arrested on June 25 for facilitating accommodation entries and managing shell entities to launder illicit funds,” said the ED statement.
The ED statement further added that, so far, properties worth a total of ₹612.71 crore have been seized in this case. “Key accused—Sanjay Sureka, Subodh Kumar Goel, and Anant Kumar Agarwal—remain in judicial custody,” the ED statement added.
The ED conducted searches on April 22 at the residential premises of Goel and other persons related to the case. Various incriminating materials were seized, containing details of illegal gratifications received by Goel.
Earlier, during the investigation of CSPL, assets worth approximately ₹510 crore in the form of immovable properties related to CSPL and Sanjay Sureka, the main promoter of CSPL, were provisionally attached through two separate Provisional Attachment Orders.
Sureka was arrested on December 18, 2024, and continues to be in judicial custody. A prosecution complaint was filed against Sureka before a sessions court in Kolkata on February 15.
[The Business Standard]
