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4d ago

Former UCO Bank CMD Subodh Kumar Goel Arrested in Rs 6,210 Crore Loan Fraud Case

The Enforcement Directorate alleges Goel sanctioned loans to Concast Steel & Power Ltd in exchange for bribes, later concealed through shell companies and family members.

Who Is Subodh Goel? From Exposing Harshad Mehta, Ketan Parikh Scams To Facing ED Heat | Image: Republic
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Overview

  • Subodh Kumar Goel, ex-CMD of UCO Bank, was arrested on May 16, 2025, in New Delhi for his alleged role in a Rs 6,210 crore loan fraud linked to Concast Steel & Power Ltd (CSPL).
  • The Enforcement Directorate claims Goel approved large credit facilities to CSPL during his tenure, which were later siphoned off by the borrower group.
  • Goel is accused of receiving illegal gratifications, including cash, properties, luxury goods, and hotel stays, routed through shell companies and proxies to obscure their origins.
  • Incriminating evidence was seized during ED raids on Goel’s premises in April 2025, further implicating him in the case.
  • The ED has already attached Rs 510 crore in assets linked to CSPL and its promoter Sanjay Sureka, who was arrested in December 2024 and remains in judicial custody.