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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