Brief by Shorts91 NewsDesk / 06:41am on 19 May 2025,Monday India
The Enforcement Directorate (ED) arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, from his New Delhi residence on May 16. The arrest pertains to a ₹6,210.72 crore fraud involving Concast Steel & Power Ltd. (CSPL), where large credit facilities sanctioned during Goel's tenure were allegedly diverted and misused. Goel is accused of receiving substantial illegal gratifications from CSPL in exchange for these sanctions. The ED's investigation, initiated based on a CBI FIR, led to Goel's production before the Special Court (PMLA) in Kolkata on May 17, which granted ED custody till May 21. The case underscores significant lapses in banking oversight and regulatory compliance. (PC: The Economic Times)
