Anant Kumar Agarwal, a chartered accountant, was detained by the Enforcement Directorate (ED), Kolkata office on June 25, 2025, in accordance with the Prevention of Money Laundering Act (PMLA), 2002. A bank fraud case involving M/s Concast Steel & Power Ltd. (CSPL) and other connected parties is connected to this arrest. Tools for managing finances
Anant Kumar Agarwal was brought before the Special PMLA Court in Kolkata following his detention, and the judge granted permission to detain him in ED custody until July 5, 2025, in order to conduct additional interrogation and investigation.
According to the ED probe, Anant Kumar Agarwal was instrumental in the concealment and handling of illicit funds, also known as proceeds of crime. He took this action on behalf of former UCO Bank Chairman and Managing Director (CMD) Subodh Kumar Goel.
According to claims, CA assisted in money laundering in a number of ways. Here are a few of the techniques:
He established and ran fictitious businesses, or "shell companies," solely to transfer illicit funds and pass them off as legitimate funds.
He demonstrated fictitious financial operations, including fictitious share capital and unsecured loans, using these fictitious businesses.
Real money was obtained and transferred covertly in exchange for these fictitious transactions.
Anant took money as payment for doing this work.
He also held important roles in some of these companies and used them to bring black money into official records by showing it as share capital or loans.
Background of the Case
Earlier, on May 16, 2025, Subodh Kumar Goel was arrested in the same case. ED found that:
- As CMD of UCO Bank, he approved loans worth over Rs.1,460 crore to Concast Steel & Power Ltd.
- Later, these loans turned into bad loans (NPA – Non-Performing Assets), which means the company did not return the money.
- In return for approving these huge loans, Goel received a lot of illegal benefits, such as Large amounts of cash, Properties, expensive goods and luxury services.
- These illegal benefits were sent to him secretly through a network of fake companies.
Raids and Findings
The ED also conducted search operations in Delhi and nearby areas. They were checking the role of some people who were:
- Taking money from others by falsely claiming they could help them in ED investigations.
- Basically, they were cheating people under the name of ED investigations.
During the searches, ED found Cash and gold and Important documents and digital devices containing evidence.
The ED has said that the investigation is still going on, and they are looking into more people and details involved in this entire fraud and money laundering network.
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