Bribes, Shells & Scandal: Inside the ₹6,200 Crore UCO Bank Fraud.

Subodh Kumar Goel, former Chairman and Managing Director (CMD) of UCO Bank, was arrested by the Enforcement Directorate (ED) on May 16, 2025, in connection with a significant ₹6,210.7 crore bank loan fraud and money laundering case. the case centers around loans sanctioned to Concast Steel & Power Ltd (CSPL), a Chhattisgarh-based company, during Goel's tenure at UCO Bank. Goel is accused of approving substantial credit facilities to CSPL, which were subsequently misused and siphoned off by the borrower group. the ED's investigation revealed that these funds were diverted through a network of shell companies and layered transactions to disguise their illicit origins. In return for sanctioning these loans, Goel allegedly received significant illegal gratifications, including cash, luxury items, hotel bookings, and immovable properties. the ED has identified properties worth ₹75 crore linked to Goel, believed to have been acquired using bribe money. Goel was apprehended from his residence in New Delhi and was remanded to ED custody until May 21, 2025, by a Kolkata court under the Prevention of Money Laundering Act (PMLA). Sanjay Sureka, the principal promoter of CSPL, was also arrested in connection with the case. Investigations suggest that the laundered funds were eventually deposited into accounts belonging to Goel and his relatives. This case underscores significant lapses in financial governance within public sector banks and highlights the ED's ongoing efforts to combat large-scale financial fraud and corruption in the banking sector.