Enforcement Directorate Unveils New Charges in Rs 2,672 Crore SGJHIL Bank Fraud Case
Synopsis
The Enforcement Directorate has filed a supplementary charge sheet in the Rs 2,672 crore bank fraud case involving Shree Ganesh Jewellery House, revealing new accusations against 15 individuals and entities linked to the scheme.
Key Takeaways
The Enforcement Directorate has filed a supplementary charge sheet in a major bank fraud case.
New accusations involve 15 individuals and entities connected to money laundering.
The fraud is tied to Rs 2,672 crore and significant financial misconduct.
Assets worth Rs 95.75 crore have been attached by the authorities.
The case underscores the need for stringent financial regulation and accountability.
Kolkata, March 9 (NationPress) - The Enforcement Directorate (ED) from the Kolkata Zonal Office has submitted a supplementary charge sheet to the Special Court (PMLA) in Kolkata related to the ongoing investigation into money laundering involving Shree Ganesh Jewellery House (I) Ltd. (SGJHIL) and associated parties under the Prevention of Money Laundering Act (PMLA), 2002.
On Monday, the agency announced that the supplementary charge sheet includes 15 new accused, comprising five individuals and ten entities that are purportedly linked to the diversion and laundering of proceeds from criminal activities.
Among those named is Pratyush Kumar Sureka, who was apprehended in January under Section 19 of the PMLA.
This case stems from an FIR filed by the CBI’s Bank Securities and Fraud Cell (BS&FC) in Kolkata regarding a suspected bank fraud amounting to around Rs 2,672 crore involving a consortium of 25 banks, primarily led by the State Bank of India.
Investigations have shown that SGJHIL and its promoters allegedly acquired and inflated credit facilities based on misleading financial statements and exaggerated export bills, subsequently diverting and misappropriating loan funds through a network of domestic and international entities.
The PMLA investigation uncovered that a significant portion of the bank loan funds sanctioned for the jewellery business was rerouted into a solar power project via M/s Alex Astral Power Pvt. Ltd.
The ED indicated that SGJHIL contributed Rs 120 crore as equity through five intermediary entities devoid of any independent business operations.
This project further secured Rs 280 crore in bank financing, supported by corporate guarantees from SGJHIL, culminating in total investments approaching Rs 400 crore.
Further inquiries revealed that the solar power plant, underpinned by a long-term Power Purchase Agreement that guaranteed stable revenue, was allegedly transferred through fraudulent and significantly undervalued transactions for less than Rs 20 crore to entities controlled by related parties.
In continuation of their investigation, the ED has also seized assets totaling around Rs 95.75 crore, which includes the solar power plant established via M/s Alex Astral Power Pvt. Ltd. in Gujarat and three high-value residential properties located in Godrej Platinum at Alipore, Kolkata.
Point of View
The unfolding developments in the SGJHIL case highlight the critical need for transparency and accountability in financial dealings. As significant allegations of money laundering surface, it is essential for regulatory bodies to pursue justice rigorously while maintaining the integrity of the financial system.
NationPress
2 May 2026
Frequently Asked Questions
What is the SGJHIL bank fraud case about?
The SGJHIL bank fraud case involves allegations of money laundering and financial misconduct amounting to Rs 2,672 crore, linked to Shree Ganesh Jewellery House and various associated entities.
Who has been named in the new charge sheet?
The supplementary charge sheet includes 15 new accused, comprising five individuals and ten entities allegedly involved in the diversion and laundering of proceeds from crime.
What actions have been taken by the Enforcement Directorate?
The Enforcement Directorate has filed a supplementary charge sheet and seized assets worth approximately Rs 95.75 crore related to the case.
What is the role of Pratyush Kumar Sureka in this case?
Pratyush Kumar Sureka has been named an accused in the charge sheet and was arrested earlier this year under Section 19 of the PMLA.
How did the fraud occur?
The fraud involved obtaining inflated credit facilities through false financial statements, with funds being diverted into unrelated projects, including a solar power initiative.
