ED arrests former Uco Bank chairman Subodh Kumar Goel in fraud case

ED arrests ex-Uco Bank CMD Subodh Goel in ₹6,210 crore fraud case; agency alleges he received illegal gratification via shell firms during credit sanctions to CSPL

The Enforcement Directorate (ED) said on Monday that it has arrested Subodh Kumar Goel, former chairman and managing director of Uco Bank, in connection with a bank fraud probe. Goel was taken into custody by ED’s Kolkata Zonal Office on May 16 from his residence, under the Prevention of Money Laundering Act (PMLA), 2002.

 

He was produced before a special PMLA court in Kolkata on May 17. The court sent him to ED custody till May 21.

 

The ED’s investigation is based on an FIR registered by the Central Bureau of Investigation (CBI) regarding credit sanctions extended to Chhattisgarh-based company CSPL. These loans, amounting to ₹6,210.72 crore in principal, were allegedly misused and siphoned off by the borrower group.

 

 

ED alleges Goel received illegal benefits

 

According to the ED, the credit facilities in question were approved during Goel’s leadership at Uco Bank. “ED investigation revealed that during the tenure of Subodh Kumar Goel as CMD of Uco Bank, large credit facilities were sanctioned to CSPL by Uco Bank, which were subsequently diverted and siphoned off by the borrower group. In turn, Subodh Kumar Goel received substantial illegal gratifications from CSPL,” the agency said.

 

The agency claimed that Goel received illicit benefits in the form of cash, immovable properties, luxury items, and hotel bookings. These were allegedly routed through a network of shell firms, proxies, and family members to obscure the illicit origin of the funds.

 

"The illegal gratification was layered and channeled through various entities to give a facade of legitimacy," the ED said, adding that multiple properties linked to Goel have been identified. These assets were reportedly acquired via entities beneficially owned or controlled by him and his family.   

 

Kickbacks routed through front companies

 

“The source of funds of these entities is linked to CSPL. Evidence gathered so far also shows use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks,” the ED added.

 

The ED had earlier arrested Sanjay Sureka, the principal promoter of CSPL, in December 2024. A chargesheet was filed in February 2025 in a special court in Kolkata. In addition, assets worth ₹510 crore belonging to Sureka and CSPL have been attached under two separate PMLA orders.

 

(With agency inputs)