New Delhi, 19 May (H.S.): The Enforcement Directorate (ED) said on Monday the arrest of former UCO Bank CMD Subodh Kumar Goel for money laundering linked to a bank loan fraud case exceeding Rs 6,200 crore involving Kolkata’s Concast Steel and Power Ltd (CSPL). Goel was apprehended at his residence on May 16 and was presented in a special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17, where he was remanded to ED custody until May 21. This followed searches at Goel’s premises and others in April as part of ongoing investigations.

The money laundering allegations arose from a CBI FIR concerning the sanctioning of credit facilities to CSPL and significant diversion and siphoning of Rs 6,210.72 crore in loans during Goel’s time as CMD. The ED asserted that Goel received substantial illegal gratification from CSPL, which was disguised through various entities to appear legitimate, involving cash, properties, luxury items, and hotel bookings funneled through shell companies and family members.

The agency reported identifying several properties associated with these shell entities, which are allegedly owned by Goel and his family. Furthermore, evidence points to the utilization of structured layering for the systematic settlement of kickbacks. CSPL’s main promoter, Sanjay Sureka, was previously arrested, and assets worth Rs 510 crore were attached by the ED in relation to this case.

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Hindusthan Samachar / Indrani Sarkar