Did the ED issue a provisional attachment order for Rs 106.36cr property of ex-UCO Bank chief?
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Synopsis
The Enforcement Directorate has taken significant action against former UCO Bank chief Subodh Kumar Goel, provisionally attaching properties worth Rs 106.36 crore. This marks a critical step in the ongoing money laundering investigation linked to Concast Steel & Power Ltd., raising questions about financial integrity in India.
Key Takeaways
- The ED has provisionally attached properties worth Rs 106.36 crore linked to Subodh Kumar Goel.
- This is part of a broader investigation into significant financial fraud involving several entities.
- Goel's actions in approving loans have raised serious allegations of misconduct.
- Other individuals, including associates of Goel, are also implicated in the investigation.
- The ED's moves signify a stronger stance on financial accountability.
Kolkata, July 25 (NationPress) On Friday, the Enforcement Directorate (ED) announced that its Kolkata Zonal office has executed a provisional attachment order, targeting movable and immovable assets valued at approximately Rs 106.36 crore belonging to Subodh Kumar Goel, the former chairman and managing director of UCO Bank, along with associated entities, as part of an ongoing investigation into money laundering.
Furthermore, a supplementary prosecution complaint was submitted to the special court operating under the Prevention of Money Laundering Act (PMLA) in Kolkata against several accused entities, including Goel, his family members, close associates, and other affiliated companies, as stated by the ED on Friday.
“The ED's investigation was prompted by an FIR lodged by the CBI, BSFB, Kolkata, against Concast Steel & Power Ltd. (CSPL) and its directors/promoters, who allegedly defrauded financial institutions to the extent of Rs 6,210.72 crore (excluding interest) through various deceptive methods. These include the diversion of funds, submission of inflated stock reports, and manipulation of balance sheets, leading to substantial financial losses for banks and financial institutions,” the ED's statement noted.
Goel was apprehended in this matter on May 16, 2025, due to his significant involvement in approving loans exceeding Rs 1,460 crore to CSPL, which subsequently became non-performing assets (NPA).
“In exchange for sanctioning loans to CSPL, Goel allegedly received considerable illegal payments in cash and real estate, which were funneled through a network of shell companies. Evidence indicates the use of accommodation entries and structured layering via front companies to systematically settle kickbacks. Anant Kumar Agarwal, a chartered accountant and close associate of Goel, was also arrested on June 25, 2025, for aiding in accommodation entries, managing shell firms, and routing illicit funds,” the ED’s statement elaborated.
As of now, the ED has provisionally attached properties worth Rs 612.71 crore. The primary accused, including Sanjay Sureka, Subodh Kumar Goel, and Anant Kumar Agarwal, are currently in judicial custody.
Point of View
I stand firm in our commitment to transparency and factual reporting. The involvement of high-profile figures in financial misconduct underscores the need for rigorous oversight in our banking systems. The ED's actions reflect a growing resolve to combat corruption and uphold accountability in the financial sector, ensuring that justice is served.
NationPress
26/07/2025
Frequently Asked Questions
What is the value of the properties attached by the ED?
The Enforcement Directorate has provisionally attached properties valued at approximately Rs 106.36 crore.
Who is Subodh Kumar Goel?
Subodh Kumar Goel is the former chairman and managing director of UCO Bank.
What is the reason behind the ED's action?
The ED's action is linked to an ongoing investigation into money laundering associated with Concast Steel & Power Ltd.
What role did Goel play in the alleged fraud?
Goel is accused of sanctioning loans exceeding Rs 1,460 crore to CSPL, which later became non-performing assets.
Who else has been arrested in this case?
Anant Kumar Agarwal, a close associate of Goel, was also arrested for facilitating accommodation entries and managing shell companies.
