ED action: Former CMD of UCO Bank arrested in scam of more than Rs 6,200 crore

New Delhi  (The Uttam Hindu): The Enforcement Directorate has arrested former UCO Bank CMD Subodh Kumar Goel from his Delhi residence on charges of money laundering. He has been sent to ED custody till May 21. The arrest is linked to an alleged bank fraud of over Rs 6,200 crore, which pertains to Kolkata-based company Concast Steel and Power Limited (CSPL). The ED said that Goel was arrested from his residence on May 16 and was produced before a special PMLA court in Kolkata on May 17.

The court has sent him to ED custody till May 21. Earlier in April, the agency had also raided premises linked to Goyal and others. The ED alleged that Goyal sanctioned large loans to CSPL and took huge bribes in return. To make this illegal money look legitimate, real estate, cash and expensive goods were purchased in the name of fake companies, fake identities and family members.