Baby Chakraborty, KalimNews, May 19, 2025, Kolkata : ED Arrests Former UCO Bank CMD in Rs 6,210 Crore Loan Scam Involving Concast Steel
The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, the former Chairman and Managing Director (CMD) of UCO Bank, in connection with a major financial fraud involving Concast Steel and Power Limited (CSPL). The alleged scam is estimated at over Rs 6,210 crore.
Goel was apprehended from his residence on May 16, and the following day, he was presented before a special Prevention of Money Laundering Act (PMLA) court in Kolkata. The court has remanded him to ED custody until May 21, as the investigation continues.
The case revolves around a loan that was sanctioned to Concast Steel and Power Limited during Goel’s tenure as the head of UCO Bank. According to the ED, the funds from the loan were subsequently diverted and allegedly embezzled. The ED further claims that Goel received substantial illegal bribes from the company. These bribes were reportedly funneled to Goel and his family in the form of cash, luxury goods, properties, and hotel accommodations.
The investigation has uncovered a web of transactions involving various shell companies, as well as fake entries, which Goel allegedly used to conceal the origins of the illicit money. Several properties and companies in Goel’s name and that of his family members have also been traced back to Concast Steel and Power Limited, highlighting the extent of the financial misconduct.
The ED’s probe into the matter began after the Central Bureau of Investigation (CBI) filed an FIR, which laid the foundation for the money laundering investigation. In December, the ED had also arrested Sanjay Sureka, the main promoter of Concast Steel, in connection with the scam. In February, a chargesheet was filed against him, and the ED has seized assets worth Rs 510 crore from Sureka and the company.
Despite the gravity of the charges, there has been no official response from Goel or his legal team regarding the allegations so far. The investigation is ongoing, and authorities are expected to continue their efforts to uncover the full scale of the financial fraud.