Who Was Arrested in Kolkata for a Major Bank Fraud?
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Synopsis
In a significant development, the Enforcement Directorate has taken action against Pratyush Kumar Sureka in Kolkata for his alleged involvement in a massive bank fraud case linked to Shree Ganesh Jewellery House. The case involves a staggering amount defrauded from a consortium of banks, raising concerns over financial integrity.
Key Takeaways
- Pratyush Kumar Sureka arrested under PMLA.
- Involvement in Rs 2,672 crore bank fraud.
- Funds diverted to unrelated solar power projects.
- Failed to cooperate with the ED investigation.
- Complex web of financial transactions uncovered.
Kolkata, Jan 18 (NationPress) The Enforcement Directorate (ED) in Kolkata has apprehended Pratyush Kumar Sureka (40), a local resident, under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002, as part of an investigation into a bank fraud case associated with M/s Shree Ganesh Jewellery House (I) Ltd, as announced by the central investigative agency on Sunday.
The ED began its investigation following an FIR filed by the Central Bureau of Investigation (CBI) against M/s Shree Ganesh Jewellery House (I) Ltd (SGJHIL) and its promoters, accused of defrauding a consortium of 25 banks for a staggering Rs 2,672 crore.
Investigations revealed that around 2011-12, SGJHIL misappropriated loan funds intended for its jewellery business, redirecting them into solar power ventures via M/s Alex Astral Power Pvt Ltd and its affiliates.
Pratyush Kumar Sureka was designated as the Joint Managing Director of M/s Alex Astral Power Pvt Ltd as per an agreement dated April 24, 2012.
A solar power facility valued at approximately Rs 400 crore (comprising Rs 120 crore in equity and Rs 280 crore in bank financing backed by a corporate guarantee from SGJHIL), was fraudulently transferred through M/s Alex Astral Power Pvt Ltd.
The transfer was executed for under Rs 20 crore via a fictitious investment agreement involving entities controlled by Sureka, structured to obscure the true value of the asset, adversely affecting creditor banks and financial institutions.
Despite Sureka's minimal actual net worth, the investigation uncovered that assets worth hundreds of crores were seemingly transferred through circular transactions, utilizing entry operators, fabricating documents, and operating behind a convoluted corporate structure.
The ED indicated that Sureka, despite multiple opportunities, failed to cooperate with the investigation and attempted to flee abroad.
On January 5, he was intercepted at Kolkata airport thanks to a Look Out Circular while attempting to board a flight to Thailand.
In light of his non-cooperation, potential evidence destruction, witness intimidation, flight risk, and ongoing dissipation of crime proceeds, he was arrested on January 16.
The Special PMLA Court has subsequently granted him four days of custody.
Point of View
This incident underscores the critical need for stringent oversight in financial transactions and corporate governance. The actions of individuals like Pratyush Kumar Sureka highlight vulnerabilities in the system that must be addressed to protect the interests of banks and their stakeholders. NationPress stands firm in advocating for transparency and accountability in all financial dealings.
NationPress
19/01/2026
Frequently Asked Questions
What led to Pratyush Kumar Sureka's arrest?
Pratyush Kumar Sureka was arrested due to his involvement in a bank fraud case linked to Shree Ganesh Jewellery House, where he allegedly diverted loan funds into unrelated solar power projects.
What is the total amount involved in the fraud?
The fraud involves a staggering amount of Rs 2,672 crore, defrauded from a consortium of 25 banks.
What actions were taken by the Enforcement Directorate?
The Enforcement Directorate initiated an investigation based on a CBI FIR, leading to Sureka's arrest and the uncovering of a complex scheme involving asset misappropriation.
Was Sureka cooperative during the investigation?
No, Sureka failed to cooperate with the investigation and attempted to flee abroad before his arrest.
What are the implications of this case?
This case highlights the need for stronger regulations and oversight in the banking and financial sectors to prevent similar fraudulent activities.
