ED Raids in Kolkata and Howrah Over ₹6,000 Crore Bank Fraud
Kolkata, January 16: The Enforcement Directorate (ED) conducted raids at three locations in Kolkata and Howrah on Thursday in connection with a ₹6,000 crore bank fraud case. The operation targeted the residence and offices of a businessman suspected of being a key player in the scheme. Officials revealed that the investigation has unearthed several shell companies and entities allegedly linked to the fraudulent activities.
Shell Companies Under Scrutiny
An ED official stated, “Our investigation indicates that multiple shell companies and agencies were actively involved in this fraudulent network. Raids are being conducted at the premises of one of the directors of these entities to uncover the channels of fund misappropriation and establish other links in the case.”
The ED’s actions are part of an ongoing probe into a high-value scam involving forged documents and loans procured from nationalized banks. These funds were allegedly siphoned off through a web of shell companies, leaving the banks with substantial losses.
Key Arrest and Seizures
In December 2024, the ED had arrested Sanjay Sureka, the promoter of Concast Steel and Power, in connection with this case. During the operation, authorities seized ₹4.5 crore worth of jewelry and multiple luxury foreign cars from his possession. Sureka has been accused of orchestrating the fraud that involves defrauding a nationalized bank in Jharkhand.
Background of the Fraud
The case, initially registered in 2022, highlighted systematic misuse of banking systems by individuals and companies using fabricated financial records and documents. Funds obtained as loans were reportedly routed through multiple shell companies to obscure their trail. Investigators are examining the involvement of other business entities and individuals who might have facilitated the transactions.
Ongoing Investigations and Future Actions
The ED is intensifying its efforts to identify all participants in the scam and recover the misappropriated funds. Officials have hinted at the possibility of issuing summons to more individuals connected to the implicated companies. Additionally, the agency is focused on understanding how regulatory lapses may have enabled the fraud.
Broader Implications
The ₹6,000 crore scam underscores the critical need for stronger oversight mechanisms in the banking sector. It also highlights the importance of corporate governance and the monitoring of financial transactions to prevent large-scale fraud.
As the investigation unfolds, more details are expected to emerge, potentially leading to further arrests and actions against those involved in what is shaping up to be one of the largest bank fraud cases in recent years.
