Former UCO Bank Chief Arrested In ₹62.11 Billion Concast Steel Fraud Case

The Enforcement Directorate arrested former UCO Bank chairman and managing director Subodh Kumar Goel on Friday in connection with a bank fraud involving Concast Steel & Power Ltd., where ₹62.11 billion was siphoned off, the agency said today. Goel was taken from his residence under the Prevention of Money Laundering Act, 2002, and was produced before a special PMLA court in Kolkata on Saturday, which sent him to the Enforcement Directorate’s custody until Wednesday.

The probe began after the Central Bureau of Investigation registered a first information report about large credit facilities sanctioned by UCO Bank to the Kolkata-based steel and power company. These funds were allegedly diverted by the borrower group, with Goel receiving substantial illegal benefits in return.

Investigations revealed that Goel received cash, immovable properties, luxury goods and hotel bookings through a network of shell companies, dummy persons and family members to hide the criminal origin of the money. Several properties acquired through these shell companies have been identified, with the agency stating that these entities are beneficially owned or controlled by Goel and his family.

In December 2024, during the investigation, assets worth about ₹5.10 billion in immovable properties related to the company owner Sanjay Surekha were provisionally attached.