Bengal: ED Freezes Assets Valued at Rs 210.07 Cr of Concast Steel CMD

Synopsis

The Enforcement Directorate has provisionally attached properties worth Rs 210.07 crore owned by Concast Group's CMD Sanjay Kumar Sureka, in relation to a significant bank loan forgery case totaling Rs 6,000 crore. The ED's actions follow extensive investigations and searches revealing substantial assets and financial discrepancies.

Key Takeaways

ED attaches assets worth Rs 210.07 crore.
Sanjay Kumar Sureka, Concast Group CMD, under investigation.
Linked to a Rs 6,000 crore bank loan forgery.
Significant cash and jewelry seized during raids.
Involvement of multiple accounts in loan claims.

Kolkata, Feb 10 (NationPress) The Enforcement Directorate (ED) reported on Monday that it has provisionally frozen immovable assets valued at Rs 210.07 crore belonging to Sanjay Kumar Sureka, the chairman and managing director of Concast Group, which operates Concast Steel & Private Limited.

The organization has been under investigation by ED officials for a significant bank loan forgery case amounting to Rs 6,000 crore.

As per a statement released by the ED, the asset attachment was executed under the Prevention of Money Laundering Act, 2002.

In December of the previous year, ED officials, supported by Central Armed Forces Personnel (CAPF), carried out an extensive raid and search operation at Sureka's residence in Ballygunge, South Kolkata, linked to the forgery case.

During this operation, the ED seized cash amounting to Rs two crore, jewelry valued at Rs 4.5 crore, and two luxury vehicles from his residence. Sureka was also taken into custody by the ED officials at that time.

The primary allegation against Sureka involves claiming loans totaling Rs 6,000 crore from a consortium of commercial banks via multiple accounts, only to default on repayment.

Additionally, allegations have surfaced that bank accounts registered under the names of employees and business associates of the corporation were misused to secure these loans.

Moreover, Sureka has been unable to provide details regarding the cash recovered from his home or the origins of the funds used to purchase the valuable jewelry and imported luxury vehicles.

In January of this year, ED officials executed raids and search operations at two other sites in and around Kolkata, including the home of local businessman Deepak Jain.

The ED has successfully traced the money flow involved in this alleged scam, providing clarity on the methods behind the forgery.