ED: Rs 6k crore siphoned off under UCO Bank ex-chair
1
2
Kolkata: Enforcement Directorate on Monday said former chairman and MD of UCO Bank
Subodh Kumar Goel
, who was arrested on May 16, was behind providing large credit facilities to a Chhattisgarh-based company.
A total of Rs 6210.7 crore was allegedly siphoned off from the bank. The principal promoter of the company, Sanjay Sureka, has also been arrested.
On Saturday, a PMLA court in Kolkata sent Goel, who was arrested at his New Delhi residence, to ED custody until May 21.
The central investigating agency, which started a probe based on an FIR lodged the CBI into the alleged bank fraud, came across transactions in which Rs 6210.7 crore was siphoned off by the Chhattisgarh-based company in the form of loans.
"ED investigation revealed that during the tenure of Subodh Kumar Goel as CMD of UCO Bank, large credit facilities were sanctioned to CSPL by UCO Bank, which were subsequently diverted and siphoned off by the borrower group.
In turn, Subodh Kumar Goel received substantial illegal gratifications from CSPL," ED said.
Investigators have reason to believe that Goel got benefits in the form of cash, immovable properties, luxury items and hotel bookings. The ill-gotten money was allegedly routed through
shell companies
. "The illegal gratification was layered and channelled through various entities to give a facade of legitimacy," ED said. The proceeds of the alleged crime were later parked into different accounts belonging to Goel and his relatives.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
25 minutes ago
- Time of India
FIR against HDFC Bank MD-CEO by loan defaulter
FIR against HDFC Bank MD-CEO by loan defaulter An FIR has been filed against HDFC Bank's MD and CEO by a certain Mehta family that defaulted on a bank loan provided back in 1995. The private lender informed stock exchanges on Sunday evening, as it vowed to continue all lawful remedies to recover the dues from the defaulter. In 2001, Splendour Gems Limited, owned by the Mehta family, defaulted on loan facilities granted in 1995 by HDFC Bank along with the other consortium banks, the HDFC Bank informed stock exchanges. Despite a recovery certificate issued by the Debt Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain substantially unpaid, the bank said. The outstanding dues towards HDFC Bank, including interest, amount to approximately Rs 65.22 crore as on May 31, 2025. "In response to ongoing recovery proceedings, members of the Mehta family have initiated multiple legal actions and complaints against HDFC Bank and its senior officials. These include criminal complaints, minority rights petitions, and representations to regulatory authorities--all of which have been dismissed or are under legal challenge. HDFC Bank firmly believes that these allegations are retaliatory in nature and have mala fide intention solely at evading repayment of long-standing dues," the bank said in its statement. Mehta Family, once again, through Lilavati Kirtilal Medical Trust, has filed a complaint against HDFC Bank's MD and CEO. HDFC Bank unequivocally "rejects and strongly condemns the malicious and baseless allegations levelled and maintains that these allegations are completely false, outrageous and constitute a gross misuse of the legal process." HDFC Bank firmly believes that "these actions (by Mehta family) are a deliberate attempt to obstruct and undermine legitimate recovery proceedings related to substantial long-outstanding dues owed by Splendour Gems Limited." "Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against HDFC Bank and its MD and CEO in a clear attempt to malign their reputation and intimidate HDFC Bank into halting its recovery actions. These actions appear to be a calculated distraction from their own failures and liabilities," the bank added. In the statement, HDFC Bank reiterates its commitment to the highest standards of corporate governance. HDFC Bank said it has robust internal controls and compliance mechanisms to ensure adherence to legal and regulatory requirements. "HDFC Bank's governance framework is designed to uphold transparency, accountability, and ethical conduct in all its operations. HDFC Bank believes in fostering a culture of ethics and integrity ensuring that the highest standards of corporate governance are maintained. HDFC Bank's commitment to ethical conduct is reflected in its policies, procedures and actions," HDFC Bank said. "HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of the Bank, its Directors and other employees. HDFC Bank remains dedicated to upholding its reputation for corporate governance and ethical conduct," HDFC Bank concluded its statement. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
25 minutes ago
- Time of India
RBI repo cut effect: HDFC slashes lending rates by 10 bps; new rates already in effect
Private sector lender HDFC Bank has reduced its benchmark lending rates following the Reserve Bank of India 's (RBI) unexpected decision on Friday to cut the repo rate by 50 basis points in a bid to revive the slowing economy. The bank revised its marginal cost of funds-based lending rates (MCLR) downward by 10 basis points across all loan tenures. According to its website, the new rates came into effect on 7 June. The overnight and one-month MCLR now stands at 8.90%, the three-month at 8.95%, and the six-month and one-year tenures are down to 9.05%. The two- and three-year rates have been trimmed from 9.20% to 9.10%. The changes follow the RBI's latest policy review, in which the central bank not only delivered a sharper-than-expected 50 basis point repo rate cut to 5.5% but also surprised markets by reducing the cash reserve ratio (CRR) by 100 basis points to 3%. The CRR cut is expected to infuse an additional Rs 2.5 lakh crore into the banking system. The RBI's monetary policy committee, led by Governor Sanjay Malhotra, voted 5-1 in favour of the rate cut, signalling a stronger push to support lending and spur economic activity. This latest move brings the total rate cuts for 2025 to 100 basis points, following earlier reductions in February and April. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
25 minutes ago
- Time of India
Former train vendor poses as TTE, earns up to Rs 10k per day from ticket-less travellers
Agra: A 40-year-old man, who was earlier a bottled water vendor on trains, was arrested by a Govt Railway Police (GRP) team at Aligarh railway station on Saturday evening for allegedly impersonating as a travelling ticket examiner (TTE) and charging hefty amounts from unsuspecting ticket-less passengers. Devendra Kumar, who hails from Saharanpur and was currently residing in Ghaziabad, was found posing as a TTE -- complete with the black coat and trousers worn by the ticket examiners. Officials found several tickets on him while he was 'checking' passengers on Gomti Express. Police said Kumar used to purchase general coach tickets in bulk and board long-distance trains to sell them to passengers found without tickets — as "part of an official checking drive". He used to mainly target those who were "less-educated and hailing from rural areas", police added. During interrogation, he revealed that he was earlier a vendor selling bottled water on trains plying between Haridwar and Bengaluru. But once his contract ended a year ago, he became jobless, and thereafter devised a plan to "earn quick money". A GRP official, privy to the case, said Kumar would charge "penalties" or sell passengers pre-purchased tickets, making Rs 7,000 to Rs 10,000 daily. He added Kumar was being followed by a RPF-GRP team while he was duping passengers on board the Gomti Express. He was arrested in Aligarh after "he failed to provide a valid id such as the documentation proving his employment with the Indian Railways and any explanation for his action". SHO of GRP thana in Aligarh, Sandeep Tomar, said, "A case under BNS sections 319-2 (deceiving someone by pretending to be another person) and 318-2 (cheating) was registered and the accused was sent to jail on Sunday. An investigation is on to find out how long he had been cheating people and whether he was operating on his own."
