India, May 19 -- The Enforcement Directorate (ED) has arrested former chairman and managing director of UCO Bank, Subodh Kumar Goel, from his residence in Delhi in a money laundering probe related to a bank fraud case against Concast Steel and Power Ltd and others, agency said on Monday.

The agency said in a statement that Goel was arrested in Delhi on May 16 under prevention of money laundering act (PMLA) and was produced before a special court in Kolkata the next day. The court in Kolkata sent him to ED custody till May 21.

The probe stems from a first information report (FIR) of the Central Bureau of Investigation (CBI) relating to the sanction of credit facilities to CSPL and subsequent large-scale diversion and siphoning of loan fu...