Bank ex-CMD Subodh Kumar Goel purchased property through bribe cash: ED – OXBIG NEWS NETWORK-OxBig News Network

NEW DELHI: ED has recognized properties value Rs 75 crore related to jailed former CMD of UCO Bank Subodh Kumar Goel which have been allegedly acquired via bribes obtained for sanctioning loans value 1000’s of crores to Concast Steel & Power Ltd (CSPL), which later defaulted on repayments.Sources stated Goel, who was arrested by ED from his New Delhi residence on May 16, had acquired properties in Delhi-NCR, which included a bungalow in upscale Panchsheel Park in Delhi, a villa in Jaypee Greens in Noida, a number of flats and plots in Noida and Greater Noida, in addition to warehouses and business properties. All the belongings in query have been bought utilizing shell corporations, a lot of which have been managed by his son, daughter-in-law and spouse.CSPL and its promoter Sanjay Sureka have defaulted on loans of over Rs 6,200 crore, taken from a consortium of 27 banks. The loss to UCO Bank alone has been estimated at over Rs 1,400 crore, sources stated.Goel’s residence in Panchsheel Park was owned by a shell entity by which Sureka and his spouse Sapna held 50% share every. “Shareholding of this firm was later transferred to Goel’s spouse, son and daughter-in-law,” a senior official conscious of the investigation stated.Similarly, the B-79 home in Noida’s posh Sector 44 was acquired within the identify of one other shell firm, the shareholding of which was later transferred to Goel’s nominees, supply stated. Among his different properties are a villa in Jaypee Greens in Noida, once more acquired within the identify of a shell firm, in addition to two business properties in Greater Noida and a flat in NRI City in Omaxe Connaught Plaza, Greater Noida. “The investigation has thus far recognized over Rs 75 crore value of immovable properties linked to S Ok Goel,” a supply stated.ED’s case beneath PMLA, being investigated by the Kolkata zonal unit, is predicated on an FIR registered by CBI which alleged that CSPL siphoned off Rs 6,211 crore availed as loans from a consortium of 27 banks and different monetary establishments. The company has accused Goel, whereas serving as CMD of UCO Bank, of getting performed a key position in sanctioning loans to CSPL, which have been later siphoned off and laundered. The loans become NPAs, inflicting a lack of greater than Rs 1,462 crore to UCO Bank, in addition to others, sources stated.