The Enforcement Directorate (ED) has attached properties worth Rs 106 crore to the former UCO Bank Chairman Subodh Kumar Goel, as per the latest report from The Indian Express. The development comes two months after Goel’s arrest on corruption and money laundering allegations.
The report states that the attached properties, owned by the former UCO Bank Chairman, were worth Rs 106.3 crore. Goel was arrested on May 16 at his Delhi residence on charges of taking bribes to approve loans.
Charges against Goel
ED’s investigation comes after an FIR by CBI against Goel on allegations of taking a bribe from Concast Steel Power Ltd to approve a Rs 6210.72 crore loan. Further, during its investigation, ED has filed a prosecution against Goel, stating that he created a complex network of nine companies to receive the money.
“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 said to The Indian Express.
Further, the spokesperson said that the probe has also revealed that the illegal gratification was layered and channelled through various entities to give a facade of legitimacy.
Other allegations
‘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 report, ED found that Goel used the bribe money to buy properties. Furthermore, he also forced the loan defaulter to purchase expensive personal items for him and fund his family’s travels.