Another bank scam of Rs 62100000000! who is Subodh Kumar Goyal, mastermind behind scam which cause heavy loss to….
Bank frauds in India were done earlier also. From Punjab National Bank (PNB) to Yes Bank these frauds affected the Indian banking sector earlier also. In a similar chain recent fraud case the government-owned UCO Bank is added. The Enforcement Directorate (ED) has arrested the bank’s former Chairman and Managing Director, Subodh Kumar Goel, in connection with a financial fraud of Rs 6,210.72 crore.
Subodh Kumar Goel was the Chairman and Managing Director of UCO Bank. He was arrested from his residence in Delhi on May 16, 2025, under the Prevention of Money Laundering Act (PMLA).
He was produced before the special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17 which sent him to ED custody till May 21, the federal probe agency said in a statement.
The ED had raided the premises of Goel and some others in April as part of this investigation.
The money laundering case stems from a CBI FIR related to the sanction of credit facilities to CSPL and subsequent large-scale “diversion” and “siphoning” of loans amounting to Rs 6,210.72 crore (principle amount without interest).
Goel did post graduation in commerce from Delhi School of Economics. He did LLB from University of Rajasthan and also a Certified Associate member of Indian Institute of Bankers.
He started his career from the Bank of Baroda in 1974, as an officer. He also worked in Andhra Bank in 1980 in Middle Management grade. He was a General Manager and worked in operational and administrative roles in Human Resource Development, Computer Policy, Credit and International Banking.
How He Committed Fraud?
The ED claimed that during the tenure of Goel as the CMD of UCO Bank, large credit facilities were “sanctioned” to CSPL which were subsequently “diverted” and “siphoned off” by the borrower group.
In turn, it alleged, Goel received “substantial illegal gratification” from CSPL.
“The illegal gratification was layered and channelled through various entities to give a facade of legitimacy.
“Investigation revealed that Goel received cash, immovable properties, luxury goods, hotel booking etc routed through a web of shell companies, dummy persons and through family members to conceal the criminal origin of the money,” the ED said.
These shell entities are “beneficially owned or controlled” by Goel and his family members, it claimed.
“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 said.
Sanjay Sureka, the main promoter of CSPL, was arrested by the ED in December, 2024 and a chargesheet was filed before the Kolkata court in February this year.
The agency had attached assets worth Rs 510 crore of Sureka and CSPL as part of two orders issued under the PMLA.
(With Inputs From PTI)
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