Latest news with #UCOBank
Hindustan Times
5 hours ago
- Business
- Hindustan Times
ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹106-cr assets
New Delhi, A chargesheet has been filed against arrested former UCO bank CMD Subodh Kumar Goel and his family members, and his properties worth ₹106 crore have been attached under the anti-money laundering, the Enforcement Directorate said on Friday. ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹ 106-cr assets Goel was arrested by the federal probe agency in May from his home in Delhi in an alleged bank loan fraud case of more than ₹6,200 crore linked to a Kolkata-based TMT bars supplying company named Concast Steel & Power Ltd. . He is currently lodged in a Kolkata jail under judicial custody Movable and immovable assets of Goel worth ₹106.36 crore were attached as part of a provisional order issued under the Prevention of Money Laundering Act on July 9, the agency said in a statement. It added that a fresh chargesheet was also filed before a special PMLA court in Kolkata on July 11, and Goel, his family members, close aides and related companies have been named as accused. The former UCO Bank boss was arrested for playing a "substantial" role in sanctioning loans of more than ₹1,460 crore to CSPL, which later on turned into an NPA . "In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, luxury goods and services routed through a web of shell companies," the ED said. Evidence, it alleged, also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks, it said. A Chartered Accountant named Anant Kumar Agarwal, an alleged close associate of Goel, was also arrested by the agency in June for "facilitating accommodation entries, managing shell entities, and routing illegally acquired cash." Agarwal, too, is lodged in jail at present. With the latest attachment, the total freezing of assets in the case stands at ₹612.71 crore, according to the ED. This article was generated from an automated news agency feed without modifications to text.
Indian Express
9 hours ago
- Business
- Indian Express
ED attaches former UCO Bank chairman Subodh Kumar Goel's properties worth Rs 106 crore
Two months after the Enforcement Directorate (ED) arrested Subodh Kumar Goel, the former chairman and managing director of UCO Bank, in connection with a case of alleged corruption and money laundering, the agency has attached his properties worth around Rs 106 crore. Goel was arrested from his residence in Delhi on May 16 for allegedly taking a bribe and approving a loan of Rs 6,210.72 crore to Concast Steel and Power Ltd (CSPL). Now, ED has also filed a prosecution complaint against him, alleging that he created a complex web of nine companies with cross holdings to receive kickbacks. A source said ED has attached several immovable properties worth Rs 106.3 crore, and all were owned by Goel. According to ED, the investigation began based on an FIR filed by the Central Bureau of Investigation (CBI), Bank Security and Fraud Bureau (BSFB), Kolkata, regarding the sanction of credit facilities to CSPL and the alleged diversion and siphoning of Rs 6,210.72 crore (excluding interest). 'Probe has revealed that during the tenure of 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, Goel received substantial illegal gratifications from the CSPL,' an ED spokesperson alleged. 'Probe has also revealed that the illegal gratification was layered and channelled through various entities to give a facade of legitimacy. Investigation has also revealed that Goel received cash, immovable properties, luxury goods, hotel booking, etc., routed through a web of shell companies, dummy persons and family members to conceal the criminal origin of the money,' the spokesperson alleged. According to the ED, its probe found that Goel received bribes from an iron ore company, a loan defaulter, and used the funds to buy property. 'He also forced the loan defaulter to fund his family's travels and purchase of personal items such as goggles and dry fruits,' the agency claimed.
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Business Standard
9 hours ago
- Business
- Business Standard
SBI Card to discontinue Rs 1 cr air insurance on these cards: Check list
SBI Card will on August 11 discontinue complimentary air accident insurance cover of up to Rs 1 crore for a wide range of co-branded credit cards. Earlier this month, the company withdrew air accident insurance benefits on SBI Card ELITE, SBI Card PRIME and other cards. Who is impacted? The new announcement will impact variants of ELITE and PRIME cards, which are offered in partnership with public and private sector banks. These complimentary covers were one of the major perks associated with premium card offerings. List of SBI cards losing Rs 1 crore insurance benefit: UCO Bank SBI Card ELITE Central Bank of India SBI Card ELITE PSB SBI Card ELITE Allahabad Bank SBI Card ELITE Karur Vysya Bank (KVB) SBI Card ELITE KVB SBI Signature Card List of SBI cards losing Rs 50 lakh insurance benefit: UCO Bank SBI Card PRIME Central Bank of India SBI Card PRIME PSB SBI Card PRIME KVB SBI Card PRIME KVB SBI Platinum Credit Card South Indian Bank SBI Card PRIME South Indian Bank SBI Platinum Credit Card Karnataka Bank SBI Card PRIME Karnataka Bank SBI Platinum Credit Card City Union Bank SBI Card PRIME Allahabad Bank SBI Card PRIME UBI SBI Platinum Credit Card OBC SBI Visa Platinum Card Federal Bank SBI Platinum Credit Card Bank of Maharashtra SBI Platinum Credit Card What has changed already Earlier in July, SBI Card air accident insurance cover from its own-branded cards, including: SBI Card ELITE SBI Card Miles ELITE SBI Card Miles PRIME SBI Card PRIME SBI Card Pulse The Rs 1 crore and Rs 50 lakh insurance covers were provided free of cost and did not require any separate application. Cardholders relying on this complimentary insurance should now consider buying a standalone travel or personal accident insurance policy if air travel risk coverage is important. It's also advisable to check your card's updated terms and conditions or speak to customer service to understand the full implications.
Business Standard
2 days ago
- Business
- Business Standard
UCO Bank down for fifth straight session
UCO Bank is quoting at Rs 30.99, down 2.05% on the day as on 13:19 IST on the NSE. The stock tumbled 6.27% in last one year as compared to a 3.07% rally in NIFTY and a 2.7% fall in the Nifty PSU Bank index. UCO Bank is down for a fifth straight session today. The stock is quoting at Rs 30.99, down 2.05% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.41% on the day, quoting at 25163.2. The Sensex is at 82549.91, up 0.44%.UCO Bank has added around 4.27% in last one Nifty PSU Bank index of which UCO Bank is a constituent, has increased around 0.87% in last one month and is currently quoting at 7006.35, down 0.1% on the day. The volume in the stock stood at 53.06 lakh shares today, compared to the daily average of 111.67 lakh shares in last one month. The PE of the stock is 16.24 based on TTM earnings ending March 25.
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Business Standard
3 days ago
- Business
- Business Standard
Higher FDI cap won't affect PSBs' financial inclusion goals: UCO Bank CEO
We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts, says Ashwani Kumar New Delhi Listen to This Article The government's guarantee mechanism for startups is likely to improve lending to the sector in the coming years, says UCO Bank Managing Director and Chief Executive Officer (MD&CEO) Ashwani Kumar. In a telephonic interview with Harsh Kumar, he also discusses the expansion plans of the bank. Edited excerpts: How is your bank addressing inoperative accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY)? We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts. The main issue we face is that some customers have multiple accounts across different banks, and are receiving
