ED Seized Rs.106 Crore Worth of Assets Linked to Former UCO Bank Chairman

The Enforcement Directorate (ED) has seized movable and immovable assets worth around ₹106.36 crore linked to Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank. This action comes two months after Goel was arrested from his Delhi residence on May 16 in connection with a large-scale corruption and money laundering case. Recently, ICICI Bank’s Former CEO Chanda Kochhar is also in news. As per news reports, She took Rs.64 Crore Bribe for sanctioning Rs.300 Crore Loan to Videocon

Arrest Linked to ₹6,210 Crore Loan Scam

Goel was arrested for allegedly approving a massive loan of ₹6,210.72 crore to Concast Steel and Power Ltd (CSPL) in return for bribes. According to the ED, during his time as the CMD of UCO Bank, Goel sanctioned large credit facilities to CSPL. However, instead of using the funds properly, the borrower group diverted and misused the loan amount. In return, Goel received illegal payments and benefits.

More Charges Filed Against Goel and Associates

On July 11, the ED’s Kolkata Zonal Office filed a supplementary chargesheet (called a “prosecution complaint”) against Subodh Goel, his family members, close aides, and several companies connected to them. Just two days earlier, on July 9, the agency had issued a provisional order to attach Goel’s properties and assets worth over ₹106 crore. So far, in this case, the ED has attached assets worth a total of around ₹612.71 crore.

How the Bribes Were Hidden

The ED investigation revealed that the bribe money Goel received was not kept in his name directly. Instead, it was cleverly hidden through various methods to make it look legal. The money and benefits were routed through several shell companies (companies that exist only on paper), fake people, and even Goel’s own family members. This layering of transactions helped disguise the true source of the funds.

Luxury Gifts, Foreign Travel, and Property Purchases

According to the ED, Goel did not just receive cash. He also received expensive gifts like luxury goods, bookings at high-end hotels, immovable properties, and other personal items. One example shared by the ED is that Goel allegedly accepted bribes from an iron ore company, which was itself a loan defaulter, and used that money to buy a property. He also made the defaulter pay for his family’s travel expenses and shopping, including items like sunglasses and even dry fruits.

Fake Companies Used to Move Money Around

The investigation further found that Goel used a network of fake or “front” companies to receive and manage the bribe money. These companies helped him move the money in a way that made it hard to trace. One key person involved was Anant Kumar Agarwal, a chartered accountant and close associate of Goel. Agarwal, who was arrested on June 25, allegedly helped in managing the shell companies and transferring the illegal funds through fake business entries.

Case Originated from CBI FIR

The ED began its investigation based on an FIR filed by the CBI’s Bank Security and Fraud Bureau (BSFB) in Kolkata. The FIR was related to the approval of credit to CSPL and the misuse of ₹6,210.72 crore, excluding interest. This amount was allegedly siphoned off from the bank and not used for the intended purpose.

Also Read: Chanda Kochhar Took Rs.64 Crore Bribe for sanctioning Rs.300 Crore Loan to Videocon