ED arrests former UCO Bank chairman Subodh Goel in Rs 6,210 crore fraud case

The Directorate of Enforcement (ED) arrested Subodh Kumar Goel, former Chairman and Managing Director of UCO Bank, from New Delhi on May 16. The arrest is connected to a Rs 6,210 crore fraud case involving M/s Concast Steel & Power Ltd. (CSPL) under the Prevention of Money Laundering Act (PMLA), 2002. Goel was produced before the Special Court (PMLA) in Kolkata on May 17, which granted ED custody until May 21. The probe, based on a CBI FIR, focuses on credit facilities sanctioned to CSPL and the diversion of loan funds totaling Rs 6,210.72 crore.