New Delhi: The Enforcement Directorate (ED) on Monday said it has arrested former UCO Bank CMD Subodh Kumar Goel on money laundering charges in an alleged bank loan fraud case of more than Rs6,200 crore linked to a Kolkata-based company.

Goel was arrested from his residence here on May 16 in the case being probed against Concast Steel and Power Ltd (CSPL) and others.

He was produced before the special Prevention of Money Laundering Act (PMLA) court in Kolkata on May 17 which sent him to ED custody till May 21, the federal probe agency said in a statement.

The ED had raided the premises of Goel and some others in April as part of this investigation. The money laundering case stems from a CBI FIR related to the sanction of credit facilities to CSPL and subsequent large-scale “diversion” and “siphoning” of loans amounting to Rs6,210.72 crore (principle amount without interest).

The ED claimed that during the tenure of Goel as the CMD of UCO Bank, large credit facilities were “sanctioned” to CSPL which were subsequently “diverted” and “siphoned off” by the borrower group.