The Directorate of Enforcement (ED) has provisionally attached 20 immovable properties worth approximately ₹31.30 crore in connection with its money laundering investigation into the alleged ₹6,210.72 crore bank fraud involving Concast Steel & Power Ltd (CSPL) and its promoters. With this latest action, the total value of assets attached in the case has risen to around ₹777.10 crore.
The attached properties include residential houses, flats, commercial units and land parcels located in West Bengal, Uttar Pradesh, Uttarakhand and Delhi. According to the agency, these assets were allegedly under the beneficial ownership and control of Concast Steel & Power promoter Sanjay Kumar Sureka, but were held in the names of relatives, employees, associates and alleged shell companies to conceal the ownership of the proceeds of crime.
As part of the ongoing investigation, the ED has also filed a second supplementary prosecution complaint before the Special PMLA Court in Kolkata. The complaint names 63 additional accused, including individuals, companies, limited liability partnerships (LLPs), partnership firms and proprietary concerns. The agency said further investigation uncovered additional evidence linking these persons and entities to the alleged money laundering operation.
With the latest filing, the total number of accused in the case has increased to 97. According to the ED, documents and financial transactions examined during the investigation revealed the alleged expansion of the money laundering network.
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The investigation was initiated on the basis of a First Information Report (FIR) registered by the Central Bureau of Investigation’s Bank Securities and Fraud Branch in Kolkata. The FIR alleged that Concast Steel & Power, along with its promoters and directors, obtained credit facilities from a consortium of banks by allegedly submitting inflated stock statements, manipulating financial records and fabricating documents.
The ED further alleged that after securing the loans, the funds were diverted and misused instead of being utilised for their intended purpose, resulting in a wrongful loss of approximately ₹6,210.72 crore, excluding interest, to banks and financial institutions.
According to the investigation, Sanjay Kumar Sureka allegedly created and controlled a network of more than 60 shell companies, firms and LLPs. These entities were allegedly operated in the names of employees, relatives, associates and dummy directors, while their actual control remained with him.
The agency alleged that 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 movement of funds. The funds were then allegedly integrated into immovable properties, investments and other high-value assets.
The ED also claimed that several companies controlled by Mr Sureka’s close associates and relatives knowingly facilitated the routing, layering and deployment of the alleged proceeds of crime, thereby assisting the overall money laundering operation.
The agency had earlier filed a prosecution complaint as well as a supplementary prosecution complaint before the Special PMLA Court in the case. It said the second supplementary complaint has been submitted to place additional evidence before the court and to include newly identified individuals and entities allegedly involved in laundering the proceeds of crime.
The ED said the investigation is continuing and that further inquiries are underway to examine additional assets, financial transactions and the role of other persons connected with the case.
