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From the country's capital delhi to Kolkata, in a major action by the Enforcement Directorate (ED), former UCO bank chairman and managing director (CMD) Subodh Kumar Goyal has been arrested. Subodh is accused of rigging a loan of thousands of crores to a company and becoming rich in return.
What is the whole matter?
According to the ED, Goyal is accused that when he was the CMD of UCO bank, he got huge loans passed to a Kolkata-based company named Concast Steel & Power Ltd. (CSPL). The matter was not just on paper, the company diverted the loan amount, i.e. about Rs 6,210 crore, and this money ultimately went into the wrong hands. Not only this, ED claims that Goyal got "commission" in return for this whole game. Cash, property, luxury items, hotel bookings, all this was delivered through a network like a net, so that no one would get a clue.
How was it revealed?
First the cbi registered an FIR in this case and then the ED started its investigation. In april 2025, raids were conducted at the hideouts of Goyal and some others. Then on May 16, Goyal was arrested from his delhi house. On May 17, he was produced in the PMLA court of Kolkata, from where he has been sent to ED custody till May 21.
White game of black money
According to the ED, all the money and facilities that Goyal received were transferred in the name of shell companies and fake people. The purpose of this was to hide the real identity of the money. Properties were purchased through these shell companies and the real owners of all these are Goyal himself and his family members. The investigation has revealed that in this entire system, an attempt was made to make the scam look legitimate through "layering" i.e. complex transactions.
The real game of CSPL and earlier arrests
Let us tell you, in december 2024, Sanjay Sureka, the main promoter of CSPL, was also arrested by the ED. A chargesheet has also been filed against him in february 2025. So far, the ED has attached properties worth Rs 510 crore in this case, these properties belong to Sureka and his company.
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