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Subodh Kumar Goel, the former chairman and managing director (CMD) of Kolkata-headquartered public sector commercial bank, UCO Bank, who was arrested by Enforcement Directorate (ED) last week, received “illegal gratification” from a corporate entity which was the principal beneficiary in a bank loan forgery case.
The ED issued a statement on Monday detailing the multi-layer “illegal gratification” received by Goel from Concast Steel & Power Ltd (CSPL) and the shell companies floated by it, which were the principal beneficiaries in this case.
As per the statement, the investigation revealed that during his tenure as CMD of UCO Bank, he sanctioned large credit facilities to CSPL from the bank, which were subsequently diverted and siphoned off by the borrower group.
“In turn, Subodh Kumar 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 bookings, etc., routed through a web of shell companies, dummy persons and through family members to conceal the criminal origin of the money,” the statement issued by ED read.
The central agency had also claimed that its officials had identified several properties acquired through shell companies. These shell entities are beneficially owned or controlled by Subodh Kumar Goel and his family members. The source of funding for these entities is linked to CSPL. Evidence gathered so far also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks,” the ED statement read.
The ED conducted raid and search operations last month at the residential premises of Goel and other related persons, and following that, they seized several incriminating materials containing details of various illegal gratifications received by the former CMD of UCO Bank.
ED has already confiscated CSPL assets worth Rs 510 crore in the form of immovable properties related to CSP and its chief, Sanjay Kumar Sureka.
Goel was produced at a special court of the Prevention of Money Laundering Act (PMLA), and was granted ED custody till May 21.
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