Kolkata, March 9: The Enforcement Directorate (ED) has submitted a supplementary chargesheet in a special court in Kolkata regarding the ongoing investigation into the Shri Ganesh Jewelry House (I) Limited (SGJHIL) under the Money Laundering Act.
In a statement released on Monday, the central agency revealed that the supplementary chargesheet names a total of 15 new accused, including five individuals and ten entities. These entities were allegedly used to misappropriate and launder the proceeds of crime.
Pratyush Kumar Sureka is also named as an accused in the chargesheet. He was arrested in January this year under Section 19 of the PMLA.
This case is linked to an FIR filed by the CBI’s Bank Securities and Fraud Cell (BSFC) in Kolkata, which alleges a bank fraud of approximately ₹2,672 crore involving a consortium of 25 banks led by the State Bank of India.
The investigation revealed that SGJHIL and its promoters allegedly obtained and inflated loan facilities based on false financial statements and inflated export bills, subsequently misappropriating the loan amounts through a network of domestic and foreign entities.
The investigation under the PMLA demonstrated that a significant portion of the bank loans sanctioned for the jewelry business was invested in a solar energy project through M/s Alex Astral Power Private Limited.
According to the ED, SGJHIL invested ₹120 crore in equity through five intermediaries. This project also secured ₹280 crore in bank financing, supported by SGJHIL’s corporate guarantee, resulting in a total investment of nearly ₹400 crore.
Further investigations revealed that the solar power plant, backed by long-term power purchase agreements ensuring stable revenue, was allegedly transferred to related parties for less than ₹20 crore, at a fraudulent and significantly undervalued price.
The ED has also seized assets worth approximately ₹95.75 crore, including a solar power plant established by M/s Alex Astral Power Private Limited in Gujarat and three high-value residential flats located at Godrej Platinum in Alipore, Kolkata.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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