ED attaches assets worth Rs.106cr of UCO bank's Ex-MD
New Delhi, July 26 -- Enforcement Directorate (ED) has attached properties worth Rs.106 crore belonging to Subodh Kumar Goel, former chairman and managing director of UCO Bank, and related entities in a money laundering probe related to a bank fraud case against Concast Steel and Power Ltd and others, agency said on Friday.
ED statement said on Friday that Goel played a substantial role in the sanction of loans of more than Rs.1,460 crore to CSPL which later turned into non-performing asset (NPA).
"These malpractices include diversion of funds, submission of inflated stock statements, manipulation of balance sheet etc and accordingly the accused persons have cheated the banks/FIs to the tune of Rs.6210.72 crore," ED said in a statement.
Ema...
To read the full article or to get the complete feed from this publication, please
Contact Us.