The Dark Side of Power: Ex-UCO Bank Boss’s Multi-Crore Fraud Unveiled
The Enforcement Directorate (ED) has uncovered a web of financial crimes linked to Subodh Kumar Goel, the former CMD of UCO Bank, involving bribes, shell companies, and family proxies.
Bank FraudUco BankSubodh Kumar GoelCsplEnforcement DirectorateReal EstateMay 23, 2025
What makes the case more complex is that these assets were allegedly acquired through shell companies and held under the names of Goel’s immediate family—his wife Sapna, his son, and his daughter-in-law. According to sources, Goel was arrested on May 16 from his residence in Delhi, after investigators unearthed this financial web of proxies and layered transactions.
Bribes for Loans: CSPL’s ₹6,211 Crore Saga
The properties were reportedly purchased using bribes received for sanctioning massive loans to Concast Steel & Power Ltd (CSPL), a company now at the center of a multi-thousand crore banking fraud. According to the CBI’s FIR, CSPL siphoned off ₹6,211 crore availed from a consortium of 27 banks, including ₹1,462 crore that became NPAs for UCO Bank alone.
The ED alleges that Goel, during his tenure, played a pivotal role in approving loans for CSPL, which were later diverted and laundered. The fallout from these bad loans has significantly impacted public sector banks, with ED officials stressing the gravity of losses incurred due to managerial complicity.
Family Ties and Financial Crimes: Asset Transfers to Goel’s Inner Circle
Investigators say Goel’s method was meticulous—acquiring assets through front companies and gradually transferring ownership to trusted family members. The Panchsheel Park residence, for instance, was co-owned with Sureka, CSPL’s promoter, and was later split 50-50 between Goel’s wife and Sureka’s shell firm. A villa in Noida’s Sector 44 was similarly transferred to nominees tied to Goel.
A senior official stated, “The investigation has so far identified over ₹75 crore worth of immovable properties linked directly to Goel and his family. These properties were masked through shell firms to avoid detection.”
The Kolkata zonal unit of the ED is leading the PMLA probe, and forensic audits into property deeds, digital communication, and financial transfers are ongoing. Officials suspect further layers of transactions tied to other corporate beneficiaries.
This case adds to the growing list of high-profile bank frauds where senior executives of public sector banks have allegedly abused their position. As the ED and CBI tighten the noose, the Subodh Goel-CSPL saga serves as a reminder of how unchecked institutional power and weak regulatory oversight can lead to systemic financial exploitation.
Frequently Asked Questions
Who is Subodh Kumar Goel?
Subodh Kumar Goel is the former chairman and managing director of UCO Bank, who has been arrested for his involvement in a multi-crore financial fraud.
What are the assets linked to Subodh Kumar Goel?
The assets linked to Subodh Kumar Goel include a bungalow in Delhi’s Panchsheel Park, a villa in Noida’s Jaypee Greens, multiple flats, plots, warehouses, and commercial spaces spread across Noida and Greater Noida.
How were the assets acquired?
The assets were allegedly acquired through shell companies and held under the names of Goel’s immediate family members, including his wife, son, and daughter-in-law.
What is the CSPL fraud about?
The CSPL fraud involves siphoning off ₹6,211 crore from a consortium of 27 banks, including ₹1,462 crore that became NPAs for UCO Bank. Goel is alleged to have approved these loans in exchange for bribes.
Who is leading the investigation?
The Kolkata zonal unit of the Enforcement Directorate (ED) is leading the probe under the Prevention of Money Laundering Act (PMLA).
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