New Delhi : The Directorate of Enforcement (ED) has arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, from his residence in New Delhi on May 16 in link with the with a massive Rs 6210 crore.
On May 17, Goel was produced before the Special Court (PMLA) in Kolkata, which granted ED custody till May 21. The ED initiated its probe based on an FIR registered by the Central Bureau of Investigation (CBI), Kolkata. The case pertains to the sanction of credit facilities to CSPL and the subsequent diversion and syphoning of loan funds amounting to Rs 6,210.72 crore (principal amount without interest).
According to the ED, large credit facilities were sanctioned to CSPL during Goel’s tenure as CMD of UCO Bank. The funds were later diverted and misused by the borrower group. In exchange, Goel allegedly received substantial illegal gratifications from CSPL. The investigation revealed that the illegal gratification was laid and channelled through various entities to give a facade of legitimacy.
