ED: Rs 6k crore siphoned off under UCO Bank ex-chair

Kolkata: Enforcement Directorate on Monday said former chairman and MD of UCO Bank Subodh Kumar Goel, who was arrested on May 16, was behind providing large credit facilities to a Chhattisgarh-based company. A total of Rs 6210.7 crore was allegedly siphoned off from the bank. The principal promoter of the company, Sanjay Sureka, has also been arrested.On Saturday, a PMLA court in Kolkata sent Goel, who was arrested at his New Delhi residence, to ED custody until May 21.The central investigating agency, which started a probe based on an FIR lodged the CBI into the alleged bank fraud, came across transactions in which Rs 6210.7 crore was siphoned off by the Chhattisgarh-based company in the form of loans. "ED investigation revealed that during the tenure of Subodh Kumar 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, Subodh Kumar Goel received substantial illegal gratifications from CSPL," ED said.Investigators have reason to believe that Goel got benefits in the form of cash, immovable properties, luxury items and hotel bookings. The ill-gotten money was allegedly routed through shell companies. "The illegal gratification was layered and channelled through various entities to give a facade of legitimacy," ED said. The proceeds of the alleged crime were later parked into different accounts belonging to Goel and his relatives.