join with us -for quick banking updatesSubodh Kumar Goel Allegedly Sanctioned Fraudulent Loans in Exchange for Illegal Benefits
New Delhi, July 25, 2025 — The Enforcement Directorate (ED) has provisionally attached assets worth ₹106.36 crore belonging to Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, and his associated entities. The action is part of a broader money laundering probe linked to a massive ₹6,210.72 crore bank fraud involving M/s Concast Steel & Power Ltd. (CSPL).
According to an ED statement released on Friday, the latest attachment order was issued on July 9, 2025. It includes both movable and immovable assets traced back to Goel, his family members, and close associates.
The ED also filed a supplementary prosecution complaint on July 11 before the Special PMLA Court in Kolkata against Goel and several others, including family members and shell companies allegedly used to launder illicit gains.
The probe originated from a Central Bureau of Investigation (CBI) FIR against CSPL and its promoters, who were accused of defrauding multiple banks by inflating stock values, manipulating balance sheets, and diverting funds. Subodh Kumar Goel allegedly sanctioned loans exceeding ₹1,460 crore to CSPL, which eventually turned into non-performing assets (NPAs).
Goel was arrested on May 16, 2025, for allegedly receiving illegal kickbacks in the form of cash, properties, and other benefits. These were reportedly routed through complex financial layering and shell firms.
Anant Kumar Agarwal, a chartered accountant and Goel’s close aide, was also arrested on June 25 for facilitating fake entries and managing the shell entities used in the laundering process.
The ED has so far attached properties worth ₹612.71 crore in the entire case. Other key accused, including CSPL promoter Sanjay Sureka, remain in judicial custody. Sureka was arrested on December 18, 2024, and a prosecution complaint was filed against him in February this year.
Incriminating materials seized during the ED’s searches on April 22 at Goel’s residence and related premises reportedly contain details of bribes and benefits received by the former banker.
Earlier, properties worth ₹510 crore belonging to CSPL and Sureka were also attached in two separate provisional orders.
This high-profile case underscores growing scrutiny over banking frauds and the accountability of senior officials in public sector banks. Investigations remain ongoing.
