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The Enforcement Directorate (ED), Kolkata office, has arrested a Chartered Accountant named Anant Kumar Agarwal on June 25, 2025, under the Prevention of Money Laundering Act (PMLA), 2002. This arrest is related to a bank fraud case involving the company M/s Concast Steel & Power Ltd. (CSPL) and other associated individuals.
After the arrest, Anant Kumar Agarwal was presented before the Special PMLA Court in Kolkata, where the judge gave permission to keep him in ED custody until July 5, 2025, for further questioning and investigation.
The ED investigation reveals that Anant Kumar Agarwal played a very important role in hiding and managing illegal money (called Proceeds of Crime). He did this on behalf of Subodh Kumar Goel, who is a former Chairman and Managing Director (CMD) of UCO Bank.
As per reports, CA helped in money laundering in several ways. Some of the methods are as follows:
- He created and operated fake companies (called shell companies) just to move around black money and make it look like legal money.
- He used these fake companies to show fake financial transactions such as Fake unsecured loans and Fake share capital.
- These fake transactions were done in exchange for real cash, which was collected and moved around secretly.
- Anant took money as payment for doing this work.
- He also held important roles in some of these companies and used them to bring black money into official records by showing it as share capital or loans.
Background of the Case
Earlier, on May 16, 2025, Subodh Kumar Goel was arrested in the same case. ED found that:
- As CMD of UCO Bank, he approved loans worth over ₹1,460 crore to Concast Steel & Power Ltd.
- Later, these loans turned into bad loans (NPA – Non-Performing Assets), which means the company did not return the money.
- In return for approving these huge loans, Goel received a lot of illegal benefits, such as Large amounts of cash, Properties, expensive goods and luxury services.
- These illegal benefits were sent to him secretly through a network of fake companies.
More Raids and Findings
The ED also conducted search operations in Delhi and nearby areas. They were checking the role of some people who were:
- Taking money from others by falsely claiming they could help them in ED investigations.
- Basically, they were cheating people under the name of ED investigations.
During the searches, ED found Cash and gold and Important documents and digital devices containing evidence.
The ED has said that the investigation is still going on, and they are looking into more people and details involved in this entire fraud and money laundering network.
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