ED attaches 106-crore assets of UCO Bank ex-CMD

“A provisional attachment order was issued on July 9, attaching movable and immovable properties valued of around Rs 106.36 crore of Goel and related entities,” the ED spokesperson said, adding that in this case so far assets worth around Rs 612.71 crore have been provisionally attached.

According to ED, the investigation was launched based on an FIR registered by the CBI’s Bank Security and Fraud Bureau (BSFB), Kolkata, regarding the sanction of credit facilities to CSPL and the alleged diversion and siphoning of `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 said.

“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 said.

According to the ED, the probe found that Goel received bribes from an iron ore company, a loan defaulter, and used the funds to buy a 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 ED said.

“Evidence also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks. Anant Kumar Agarwal, a chartered accountant and close associate of S K Goel, also arrested on June 25 for facilitating accommodation entries, was managing shell entities and routing illegally acquired cash,” the spokesperson said.