The Enforcement Directorate (ED) has uncovered properties worth ₹75 crore linked to Subodh Kumar Goel, the former Chairman and Managing Director (CMD) of UCO Bank. These properties, including a bungalow in Delhi, a villa in Noida, and multiple flats and plots in Greater Noida, were allegedly acquired using bribe money received in exchange for approving substantial loans to Concast Steel & Power Ltd (CSPL).

Goel, who was arrested on May 16, 2025, is accused of facilitating fraudulent loans amounting to over ₹6,200 crore to CSPL, which subsequently defaulted on repayments. Investigations revealed that the laundered funds were routed through shell companies and layered across various entities to disguise their illicit nature, eventually being deposited into accounts belonging to Goel and his relatives.

The ED’s probe, initiated following a CBI FIR related to the bank fraud, has led to Goel being remanded to ED custody until May 21, 2025, as investigations into the large-scale financial irregularities continue.

Sources