ED Files Chargesheet Against Former UCO Bank CMD Subodh Kumar Goel in ₹6,200 Crore Loan Fraud Case

The Enforcement Directorate (ED) has filed a chargesheet against former UCO Bank Chairman and Managing Director, Subodh Kumar Goel, along with his family members and associates, in connection with a large-scale ₹6,200 crore bank loan fraud case, as per news reports. The case is linked to Concast Steel & Power Ltd (CSPL), a Kolkata-based TMT bar manufacturing company. Goel is currently under judicial custody in Kolkata, and properties worth ₹106 crore have been provisionally attached by the agency.

Massive Fraud, Illegal Gratifications and Asset Attachment

Goel was arrested in May at his Delhi residence for allegedly playing a “substantial” role in sanctioning loans exceeding ₹1,460 crore to CSPL, which later turned into non-performing assets. According to the ED, he accepted various forms of kickbacks.

“In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, luxury goods and services routed through a web of shell companies,” the ED said.

On 9 July 2025, the agency provisionally attached his movable and immovable assets worth ₹106.36 crore under the Prevention of Money Laundering Act (PMLA). With this, the total frozen assets in the case now stand at ₹612.71 crore. A fresh chargesheet was filed on 11 July before a special PMLA court in Kolkata, naming Goel, his family, close aides, and linked companies.

Layered Laundering and Associate Arrests

The ED uncovered the use of accommodation entries, hawala transactions, and layered routing of funds through front companies to launder the bribes. Chartered Accountant Anant Kumar Agarwal, a close associate of Goel, was arrested in June for facilitating shell companies and managing illegal transactions. He remains in judicial custody as the investigation continues.

Also Read: SBI Eyes Top 10 Global Bank Spot by Market Cap in 5 Years!

UCO Bank Share Price Performance 

As of July 25, 2025, UCO Bank share price closed at ₹30.42 per share, reflecting a decline of 1.55%. Over the past month, the stock has gained by 0.93%.

Conclusion

The ED’s latest action marks a major step in the high-profile Concast Steel fraud case, further uncovering deep-rooted misuse of the banking system and complex money laundering strategies. As the case progresses, the agency continues to tighten its grip on key players involved in one of India’s most significant financial frauds in recent years.

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