The Enforcement Directorate (ED) has arrested Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank, in connection with a multi-crore bank loan fraud case. Goel was apprehended in New Delhi on May 16, 2025, by officials from the ED's Kolkata Zonal Office and subsequently presented before a special court in Kolkata dealing with Prevention of Money Laundering Act (PMLA) cases on May 17. The court has granted ED custody of Goel until May 21 for further interrogation and investigation.

The arrest is linked to an ongoing investigation against Concast Steel and Power Ltd (CSPL) and other entities concerning a bank fraud case. The ED's probe stems from a First Information Report (FIR) related to alleged financial irregularities involving Concast Steel and Power Ltd. According to reports, the total bank loan forgery amount, including the one with UCO Bank, is estimated to be around Rs 6,000 crore.

The primary allegations against Concast Steel involve the company securing loans of approximately Rs 1,400 crore from UCO Bank and then diverting these funds to various shell companies instead of utilizing them for the intended business purposes. The ED has accused Goel of colluding with Concast Steel authorities in this forgery, alleging that he was a financial beneficiary in the fraudulent scheme.

In February 2025, the ED provisionally attached immovable properties worth Rs. 210.07 crore, owned by Sanjay Kumar Sureka, the chairman and managing director of Concast Group, who also owns Concast Steel & Private Limited. Prior to this, in December of the previous year, ED officials, accompanied by the Central Armed Forces Personnel (CAPF), conducted extensive raids at Surekha's residence in Ballygunge, South Kolkata. During these raids, they seized cash amounting to Rs 2 crore, jewellery worth Rs 4.5 crore, and two luxury vehicles. Surekha was also arrested at the time.

The ED's investigation suggests that Goel allegedly received illegal benefits during his tenure as CMD, which were then laundered through shell companies. This arrest underscores the ED's commitment to clamping down on financial irregularities and holding those involved accountable for their actions, especially in cases involving public sector banks and large-scale loan fraud. The investigation is ongoing, and further details regarding Goel's specific role and the extent of his involvement are expected to emerge as the ED continues its inquiry.