ED Arrests Former UCO Bank CMD Subodh Kumar Goel in ₹6,210 Crore Bank Fraud Case
The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, the former CMD of UCO Bank, in connection with a massive ₹6,210 crore bank fraud case. The investigation reveals that Goel received significant illegal gratifications in return for approving large loans to CSPL.
Bank FraudEd ArrestSubodh Kumar GoelUco BankPmlaReal EstateMay 20, 2025
According to the ED, its probe has revealed that Goel played a crucial role in approving large loans to CSPL, which were subsequently siphoned off by the borrower group. In return, Goel allegedly received substantial illegal gratifications, including cash, real estate, luxury items, and hotel bookings. These kickbacks were allegedly routed through a complex network of shell companies, dummy individuals, and family members to disguise the illicit origins of the funds.
The investigation has uncovered several immovable properties acquired through shell companies, which the ED claims are beneficially owned or controlled by Goel and his relatives. The source of funds for these entities has been traced back to CSPL. The agency also found evidence of structured layering and accommodation entries used to systematically settle the bribes.
Earlier, on 22 April 2025, the ED conducted searches at Goel’s residence and other linked locations, resulting in the seizure of documents detailing the alleged illegal gratifications. This move was part of a broader strategy to trace the financial trail and identify all associated beneficiaries.
In a related development, the ED had earlier provisionally attached assets worth ₹510 crore belonging to CSPL and its promoter, Sanjay Sureka, who was arrested on 18 December 2024 and remains in judicial custody. A prosecution complaint in the case was filed before the Chief Judge of the City Sessions Court, Kolkata, on 15 February 2025.
The ED has stated that further investigation into the financial trail and associated beneficiaries is currently underway. This ongoing probe aims to uncover the full extent of the fraud and ensure that all those involved are held accountable for their actions.
The arrest of Subodh Kumar Goel sends a strong message about the seriousness with which financial crimes are being addressed in India. It underscores the commitment of law enforcement agencies to bring to justice those who misuse their positions for personal gain, undermining the integrity of the financial system.
Frequently Asked Questions
What is the total amount of the alleged bank fraud?
The total amount of the alleged bank fraud is ₹6,210.72 crore (principal amount).
Who is Subodh Kumar Goel, and what was his role in the fraud?
Subodh Kumar Goel was the former CMD of UCO Bank. He is alleged to have played a key role in approving large loans to CSPL, which were later siphoned off by the borrower group.
What illegal gratifications did Goel allegedly receive?
Goel allegedly received substantial illegal gratifications, including cash, real estate, luxury items, and hotel bookings, in return for approving large loans to CSPL.
What actions has the ED taken so far in this case?
The ED has conducted searches, seized documents, provisionally attached assets worth ₹510 crore belonging to CSPL and its promoter, and arrested Subodh Kumar Goel and Sanjay Sureka.
What is the current status of the investigation?
The investigation into the financial trail and associated beneficiaries is currently underway, with the ED committed to uncovering the full extent of the fraud.
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