The Enforcement Directorate (ED) has uncovered several benami properties and shell companies linked to former UCO Bank Chairman and Managing Director SK Goel.
A source close to the development told Zee Business, “SK Goel and his family created several shell companies to receive kickbacks from Concast Steel & Power Ltd. (CSPL).”
The ED has reportedly traced and attached properties worth Rs 75 crore in the Delhi NCR region. These properties were allegedly acquired through a network of shell companies operated by Goel’s close family members.
Another source told Zee Business, “SK Goel and his family, who reside in New Delhi, acquired a property that was earlier owned by a company in which Sanjay Sureka, CMD of CSPL, and his wife Sapna held a 50 per cent stake. The shareholding of the company was later transferred to SK Goel’s wife, son, and daughter-in-law.”
Goel is accused of creating this web of companies to launder illicit funds received as kickbacks from CSPL. The funds were allegedly layered through multiple corporate entities to purchase real estate and other high-value assets, effectively concealing the true ownership.
Sources added that chartered accountants, lawyers, and fake companies were enlisted to execute a complex money laundering scheme designed to hide the proceeds of crime and distance Goel from direct ownership of the assets.
This investigation is part of a broader probe into a Rs 6,210.72 crore bank fraud involving CSPL and its promoters, including Sanjay Kumar Sureka. The company allegedly siphoned off loans sanctioned by a consortium of 27 banks and financial institutions.
During the investigation, it was revealed that Goel, while serving as CMD of UCO Bank, played a key role in approving fraudulent loans to CSPL. These loans later turned into non-performing assets (NPAs), causing a direct loss of over Rs 1,462 crore to UCO Bank alone.
The ED has arrested Goel under the Prevention of Money Laundering Act (PMLA), and he has been remanded to custody by the Special Court.
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