The Enforcement Directorate (ED) on Wednesday said that it has arrested a chartered accountant, Anant Kumar Agarwal, in connection with the ongoing investigation into Rs 6,000-crore loan fraud case involving Concast Steel & Power Ltd (CSPL).

Agarwal, who has been booked under the provisions of the Prevention of Money Laundering Act (PMLA), will be in ED’s custody until July 5. He was arrested on June 25, the ED said.

In a statement, the ED said Agarwal played a key role in laundering the proceeds of crime on behalf of former CMD of UCO Bank Subodh Kumar Goel over an extended period.

“Furthermore, Agarwal knowingly incorporated and operated a web of shell companies to facilitate the layering of illicit funds through fictitious financial transactions such as bogus unsecured loans and share capital in exchange for cash. Agarwal also received payments for these services. He also held key positions in companies which were directly involved in laundering operations and utilised such concerns for conversion of illicit funds. Such illicit funds were brought into the books of accounts as share capital and unsecured loans,” the central agency said.

Goel was arrested on May 16  for allegedly “playing a substantial role” in sanctioning loans of more than Rs 1,460 crore to CSPL, which turned into NPA (non-performing asset).

The former CMD of UCO Bank, according to the ED, received illegal gratifications in the form of cash, immovable properties, luxury goods and services for sanctioning loans to CSPL.

The ED said that it has conducted searches in the National Capital Region “to investigate the role of various individuals engaged in extorting money from the persons against whom it had initiated investigation”.

During the searches, cash, gold and various incriminating records and digital devices were seized, the ED said, adding further investigation is on.