The Enforcement Directorate (ED) conducted raids on 13 locations in West Bengal, including the Ballygunge residence of a Kolkata-based industrialist. The group is accused of taking loans from 11 public sector banks and 5 financial institutions.
Bank Fraud Case
The Enforcement Directorate (ED) on Wednesday arrested Sanjay Sureka, the owner of Concast Steel and Power Limited, in connection with a ₹6210 crore bank fraud case in Jharkhand. During the search operations, the ED seized luxury items, including ₹4.5 crore worth of jewelry and eight foreign-made luxury cars.
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According to an official statement, the ED conducted searches under the Prevention of Money Laundering Act (PMLA), 2002, on Tuesday and Wednesday across 13 locations in West Bengal, including Sureka’s Ballygunge residence in South Kolkata. The investigation revealed that the Concast Group had borrowed loans from 11 public sector banks and 5 financial institutions.
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The ED found that the group had opened fake entities in the names of its employees, relatives, and associates to transfer loan amounts. The diverted funds were allegedly used for personal expenditures and to acquire movable and immovable assets. Currently, the ED is interrogating Sureka to uncover the extent of the fraud and identify other individuals involved.
Evidence suggests that a significant amount of money was routed through shell companies. The ED’s actions stem from a complaint lodged by a consortium of banks in 2022 regarding loan fraud.
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