ED attaches ₹31.30 crore properties in Concast Steel money laundering case
Synopsis
The ED has attached ₹31.30 crore in properties across four states tied to Concast Steel & Power's promoter Sanjay Kumar Sureka, pushing total seizures in the case past ₹777 crore. A second supplementary complaint now names 63 additional accused — a sharp escalation in a case already alleging a ₹6,210.72 crore bank fraud through shell companies and fabricated records.
Key Takeaways
The ED's Kolkata Zonal Office provisionally attached 20 properties worth ₹31.30 crore on 2 July under the PMLA, 2002 .
Cumulative attachments in the Concast Steel & Power case now stand at approximately ₹777.1 crore .
Properties span West Bengal , Uttar Pradesh , Uttarakhand , and Delhi , linked to promoter Sanjay Kumar Sureka .
A second supplementary prosecution complaint names 63 new accused before the Special Court (PMLA), Kolkata .
The underlying CBI FIR alleges a wrongful bank loss of ₹6,210.72 crore through inflated stock statements and fabricated financial records.
Sureka allegedly controlled more than 60 shell companies to layer and integrate proceeds of crime.
The Enforcement Directorate (ED)'s Kolkata Zonal Office has provisionally attached 20 immovable properties worth ₹31.30 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the ongoing money laundering investigation against Concast Steel & Power Ltd. (CSPL) and others. The action, announced on Thursday, 2 July, brings cumulative attachments in the case to approximately ₹777.1 crore.
Properties Attached Across Four States
The provisionally attached assets include residential properties, commercial units, flats, and land parcels spread across West Bengal, Uttar Pradesh, Uttarakhand, and Delhi. According to the ED, these properties were beneficially owned and controlled by Sanjay Kumar Sureka — the promoter of CSPL — though held in the names of his relatives, employees, associates, and shell companies to conceal the proceeds of crime.
63 New Accused Named in Supplementary Complaint
Alongside the attachment, the ED has filed a second supplementary prosecution complaint before the Special Court (PMLA) in Kolkata, arraying 63 additional accused persons and entities. These include individuals, companies, limited liability partnerships (LLPs), partnership firms, and proprietary concerns.
'In the present Supplementary Prosecution Complaint, 63 additional accused persons/entities have been arrayed as accused, including individuals, companies, LLPs, partnership firms and proprietary concerns found to have knowingly participated in the laundering of Proceeds of Crime,' the ED said in an official statement.
The Alleged Fraud: ₹6,210.72 Crore Bank Loss
The ED's investigation was initiated on the basis of an FIR registered by the CBI's BSFB unit in Kolkata under various provisions of the Indian Penal Code (IPC), 1860 and the Prevention of Corruption Act, 1988. The FIR alleges that CSPL, along with its promoters and directors, fraudulently obtained credit facilities from a consortium of banks by submitting inflated stock statements, manipulated financial statements, and fabricated records.
The diverted and siphoned loan funds allegedly caused a wrongful loss of approximately ₹6,210.72 crore (excluding interest) to banks and financial institutions. CSPL operated integrated steel manufacturing facilities in West Bengal, Odisha, and Andhra Pradesh.
A Sophisticated Laundering Network
Investigators say Sanjay Kumar Sureka orchestrated a complex money laundering network by creating and controlling more than 60 shell companies, firms, and LLPs — ostensibly held in the names of employees, relatives, associates, and dummy directors. These entities were used to divert, route, and layer the proceeds of crime through accommodation entries, unsecured loans, inter-corporate transactions, fictitious trade transactions, devolved Letters of Credit, book adjustments, and circular fund movements before integrating them into immovable properties and other high-value assets.
This is the second supplementary prosecution complaint in the case, signalling that the ED's investigation continues to widen in scope. Further action is expected as the Special Court (PMLA) in Kolkata takes up the expanded charge sheet.
Point of View
A consortium of lenders, inflated stock statements, and a web of shell entities — yet the ₹6,210.72 crore alleged loss figure places it among the larger bank fraud investigations active in India today. What stands out is the breadth of the second supplementary complaint: 63 new accused across individuals, LLPs, and firms suggests the ED has mapped the full layering chain, not just the top. The real accountability test will come at the Special Court (PMLA) in Kolkata, where prosecution complaints of this scale have historically faced prolonged proceedings. Whether the banks recover meaningful value from the attached assets — or watch them depreciate through litigation — remains the unanswered question that matters most to public-sector lenders already under NPL pressure.
NationPress
2 Jul 2026
Frequently Asked Questions
What is the Concast Steel & Power money laundering case?
The Concast Steel & Power (CSPL) money laundering case involves allegations that the company's promoter, Sanjay Kumar Sureka, fraudulently obtained bank credit using inflated stock statements and fabricated records, causing a loss of approximately ₹6,210.72 crore to banks and financial institutions. The ED initiated its PMLA investigation based on a CBI FIR and has since made multiple rounds of property attachments.
How much has the ED attached in total in this case?
Cumulative attachments in the Concast Steel & Power case have reached approximately ₹777.1 crore, including the latest provisional attachment of 20 properties valued at ₹31.30 crore announced on 2 July.
Who is Sanjay Kumar Sureka and what is his alleged role?
Sanjay Kumar Sureka is the promoter of Concast Steel & Power Ltd. The ED alleges he orchestrated a money laundering network using more than 60 shell companies, firms, and LLPs — held in the names of employees, relatives, and dummy directors — to layer and integrate proceeds of crime into immovable properties and high-value assets.
Who are the 63 new accused named in the supplementary complaint?
The ED's second supplementary prosecution complaint before the Special Court (PMLA) in Kolkata arrays 63 additional accused, comprising individuals, companies, LLPs, partnership firms, and proprietary concerns alleged to have knowingly participated in laundering proceeds of crime in the CSPL case.
Where are the attached properties located?
The 20 provisionally attached properties are situated across four states — West Bengal, Uttar Pradesh, Uttarakhand, and Delhi — and include residential properties, commercial units, flats, and land parcels beneficially linked to Sanjay Kumar Sureka.
