Who Is Subodh Kumar Goel? From Exposing Harshad Mehta, Ketan Parikh Scams To Facing ED Heat

The Directorate of Enforcement (ED) has arrested the former Chairman and Managing Director of UCO Bank, from his New Delhi residence on Monday due to a bank fraud investigation involving Concast Steel & Power Ltd (CSPL) and others.

Who Is Subodh Kumar Goel?

Subodh Kumar Goel, who is the former Chairman and Managing Director of UCO Bank has been arrested under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against Concast Steel & Power Ltd and others in a bank fraud case, the ED said in an official statement.

Previously, Goel had been a first class post graduation student in commerce from Delhi School of Economics. He did his LLB from University of Rajasthan. He is Certified Associate member of Indian Institute of Bankers.

Goel had started his career from the Bank of Baroda on January 1, 1974, as an officer. Later, he joined Andhra Bank in 1980 in Middle Management grade. In 1997, he went on to become a General Manager and the impact of his leadership was engraved in all operational and administrative segments in Human Resource Development, Computer Policy, Credit and International Banking.

From 1999 to 2002, Goel has also worked as Chief Vigilance officer in Bank of India and visited various countries for prevention of frauds in terms of RBI Guidelines, Government of India and Central Vigilance commission. During this time, he was also associated in detecting securities scam during Harshad Mehta & Hiten Dalal scams. As the CVO of the bank he also detected the Ketan Parikh scam. His role was appreciated by JPC (Joint Parliament Committee) for timely detection of the most sensitive financial scams of the country.

In 2004, he became the Executive Director Allahabad Bank and enabled it to hike Profit.

In August 2007, Goel took charge of UCO Bank as Chairman and Managing Director in August 2007. Through his effectiveness, not only did he scale down the Non-Performing Assets (NPA) of the bank to 1.17% from 2.14% but he also escalated Profits to Rs 1,012 crore, from Rs 316 crore in 2007.

He was invited by the China India Financial Congress (CIFC) at Beijing on rural financial inclusion, creating a big impact. He was also invited for the meet of Asian Development Bank at Bali, Indonesia and participated as delegate of IBA.IMF and G30 invited him for annual meet of World Bank at Istanbul, Turkey & participated as Indian delegation.

He has also previously held the position of Chairman and Managing Director of Industrial Investment Bank of India (IIBI).

In June 2010, Goel assumed the charge of India Infrastructure Finance Company Ltd (IIFCL) as its Chairman and Managing Director, which is a wholly-owned Government of India Company engaged in providing long-term finance to infrastructure sectors.

What Is Subodh Kumar Goel's Arrest About?

But recently, the ED initiated investigation on him on the basis of an FIR registered by the CBI, BSFB, Kolkata, relating to the sanction of credit facilities to CSPL and subsequent large-scale diversion and siphoning of loan funds amounting to Rs 6,210.72 crore (principle amount without interest).

Also Read: ED Arrests Former UCO Bank CMD in Massive Rs 6,210 Crore Loan Scam Allegedly Linked to Concast Steel