Another bank scam of Rs 62100000000! who is Subodh Kumar Goyal, mastermind behind scam which cause heavy loss to….
Bank frauds in India were done earlier also. From Punjab National Bank (PNB) to Yes Bank these frauds affected the Indian banking sector earlier also. In a similar chain recent fraud case the government-owned UCO Bank is added. The Enforcement Directorate (ED) has arrested the bank's former Chairman and Managing Director, Subodh Kumar Goel, in connection with a financial fraud of Rs 6,210.72 crore.
Subodh Kumar Goel was the Chairman and Managing Director of UCO Bank. He was arrested from his residence in Delhi on May 16, 2025, under the Prevention of Money Laundering Act (PMLA).
He was produced before the special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17 which sent him to ED custody till May 21, the federal probe agency said in a statement.
The ED had raided the premises of Goel and some others in April as part of this investigation.
The money laundering case stems from a CBI FIR related to the sanction of credit facilities to CSPL and subsequent large-scale 'diversion' and 'siphoning' of loans amounting to Rs 6,210.72 crore (principle amount without interest).
Goel did post graduation in commerce from Delhi School of Economics. He did LLB from University of Rajasthan and also a Certified Associate member of Indian Institute of Bankers.
He started his career from the Bank of Baroda in 1974, as an officer. He also worked in Andhra Bank in 1980 in Middle Management grade. He was a General Manager and worked in operational and administrative roles in Human Resource Development, Computer Policy, Credit and International Banking. How He Committed Fraud?
The ED claimed that during the tenure of Goel as the CMD of UCO Bank, large credit facilities were 'sanctioned' to CSPL which were subsequently 'diverted' and 'siphoned off' by the borrower group.
In turn, it alleged, Goel received 'substantial illegal gratification' from CSPL.
'The illegal gratification was layered and channelled through various entities to give a facade of legitimacy.
'Investigation revealed that Goel received cash, immovable properties, luxury goods, hotel booking etc routed through a web of shell companies, dummy persons and through family members to conceal the criminal origin of the money,' the ED said.
These shell entities are 'beneficially owned or controlled' by Goel and his family members, it claimed.
'The source of funds of these entities is linked to CSPL. Evidence gathered so far also shows use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks,' the ED said.
Sanjay Sureka, the main promoter of CSPL, was arrested by the ED in December, 2024 and a chargesheet was filed before the Kolkata court in February this year.
The agency had attached assets worth Rs 510 crore of Sureka and CSPL as part of two orders issued under the PMLA.
(With Inputs From PTI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
9 minutes ago
- Indian Express
Back in public eye: Madhya Pradesh minister who put party in a spot with remarks on Col Sofiya Qureshi
After his remarks on Operation Sindoor caused an uproar, Madhya Pradesh Tribal Welfare Minister Vijay Shah made his first public appearance in 17 days when he visited the family of a rape-murder victim in Khandwa. Shah was booked by the Madhya Pradesh Police last month after saying in a public meeting in Mhow on May 11 that India taught a lesson to those responsible for the Pahalgam terror attack using 'their own sister'. While he did not name anyone, it has been alleged that he was alluding to Colonel Sofiya Qureshi, who had briefed the media when Operation Sindoor was underway. The minister is now under investigation by a Supreme Court-ordered special investigation team (SIT), and had not been seen in public until May 28, when he visited the grieving family of a woman who was gangraped and murdered in Khandwa district's Khalwa region. Both the Madhya Pradesh High Court and the Supreme Court have reprimanded the minister for his statement, and Shah has apologised for the comments three times. The ruling BJP went into damage control mode, and the central leadership of the party is yet to take a call on Shah's future. While his visit to Khandwa on May 28 marks his first public outing since the backlash, he did not speak to the media. Local BJP sources said Shah spent over two hours with the victim's family and promised both financial support and systemic interventions. He reportedly handed over a Rs 60,000 cheque, committed to building a tin roof for the family's house, and promised further financial assistance, sources said. 'He also said that a young girl in the family who had dropped out of school would be re-enrolled. Monthly monitoring meetings are to be initiated in the area to track school dropouts,' a BJP leader said. The Opposition Congress had launched a sarcastic 'missing minister' campaign, plastering posters across Indore and Bhopal with his photograph and a mock reward of Rs 11,000 for anyone who could find him. During this period, Shah skipped the special Cabinet meeting in the historic Rajwada palace to commemorate regional icon, Ahilyabai Holkar, on May 20 and another special Cabinet meeting hosted in the scenic town of Pachmarhi on Tuesday, to honour tribal icon and freedom fighter, Raja Bhabhoot Singh. Shah had also skipped the 300th birth anniversary events of Ahilyabai Holkar, for which Prime Minister Narendra Modi had arrived in Bhopal on May 31. The Supreme Court has extended the operation of its interim order protecting Shah from arrest. It also closed the suo motu proceedings pending before the Madhya Pradesh High Court as it is already seized of the matter. The SIT had submitted its report to the Supreme Court, which contained investigation details like forensic evidence, and sought more time for the probe.
Hindustan Times
10 minutes ago
- Hindustan Times
HC orders release of 18-year-old daughter of Bangladeshi national from detention
MUMBAI: The Bombay high court on Tuesday ordered the Mankhurd police to release the 18-year-old daughter of a Bangladeshi national who was detained by the Nirbhaya Cell of the police station for inquiry regarding his citizenship and was later deported to the neighbouring country. A vacation bench of justices Neela Gokhale and Firdosh P Pooniwalla ordered the police to release the teenager immediately, saying her detention was not necessary for the purpose of the inquiry. The court was hearing a petition filed by the 18-year-old girl and her two younger siblings aged 16 and 8 years, who contended that they were born in India and had all requisite documents to prove their Indian citizenship. According to their petition, their father, Dadamiya Khan, had been residing in India for over 37 years. He had married an Indian woman named Mariyam Khan and was working as a cab driver. While all three children were detained by Mankhurd police following a special drive to identify foreign nationals staying illegally in India, the two younger siblings were handed over to their mother after they filed the Habeas Corpus petition. The children's counsel, advocate Siddha Pamecha, submitted their birth certificates showing they had been born in India and said they could not have been detained by the police over their father's allegedly circumspect citizenship. Even Dadamiya Khan was an Indian citizen and had all identity documents like PAN card, ration card and voters' identity card issued by the Election Commission of India, the lawyer said. Advocate Manisha Jagtap, representing the central government, pointed out that in the inquiry conducted by police, Khan had conceded that he was Bangladeshi national and he had illegally entered India as there were no sources of livelihood in his country. While he had been deported, an inquiry was underway regarding his citizenship under relevant provisions of the Foreigners Act, 1946 as well as the central government's order dated May 2, 2025, the lawyer said, explaining the grounds for which his 18-year-old daughter was detained. The judges, however, felt that it was not necessary for the police to keep the 18-year-old in custody and ordered her immediate release. The court restrained the girl and her two siblings from leaving the court's jurisdiction without prior permission and directed them to be available as and when called by the investigating officer.
Time of India
15 minutes ago
- Time of India
1,408 traffic violators stopped in their tracks
traffic violations road safety reckless driving Traffic West division cracks down on violators: Rs.7.38 lakh in fines in 1 dayThe Traffic Police of the West Division launched a special operation targeting various, resulting in the registration of 1,408 cases and the collection of Rs.7,38,700 in fines, on Monday. The crackdown aimed at curbing dangerous road behaviour such as triple riding, driving against one-way routes, violating no-entry zones, and unauthorised to the data released, a total of 45 cases were booked for triple riding, resulting in fines of Rs.22,500. Violations involving driving against one-way roads led to 114 cases and penalties amounting to Rs.58,500. The most common offence was parking violations across all categories, with 240 cases registered and fines totaling Rs.1,36,400. Meanwhile, 210 cases were filed for entering no-entry zones, collecting Rs.1,05,500 in fines. In addition to these, 795 cases were booked under other traffic violations, contributing to a significant Rs.4,16,800 in drivers and riders caught during the crackdown were educated about the importance of following traffic rules to ensurefor all. Authorities have confirmed that such special operations will continue in the coming days, reinforcing strict compliance and reducing accidents caused byA 19-year-old was booked for reckless driving after he was caught performing a wheelie on a public road in broad daylight on Old Mysore Road within the limits of the Magadi Road Traffic Police part of a special operation launched on the same day to curb dangerous driving, a team from the West Division was patrolling the area when they spotted the youth, identified as Janakiram, riding a scooter with its front wheel lifted off the ground, a stunt commonly known as police promptly intercepted the vehicle and seized it on the spot. Following a preliminary investigation, an FIR was registered against Janakiram under Section 281 of the Bharatiya Nyaya Sanhita (BNS) for endangering human life, Section 129 of the Indian Motor Vehicles (IMV) Act for not wearing protective headgear, and Section 189 of the IPC along with 177 for furnishing false information.A high-speed crash on the upper side of the BGS flyover claimed two lives and left two others seriously injured In the early hours of Tuesday. The incident occurred around 1.30 am near the Ganesh Temple when two motorcycles to police, Mani and his friend Akash were riding a bike at high speed when they lost control and crashed into an electric two-wheeler ahead of them. The impact threw both riders off the bike. Mani sustained a leg injury, while Akash suffered severe injuries to his face, head, and legs. He was later declared dead at Victoria electric two-wheeler was being ridden by Afzal and Qasim, who also fell due to the collision. Afzal dead, Qasim critical after the bike accident.
