Kolkata, July 2: The Enforcement Directorate (ED) has launched a significant operation against Concast Steel and Power Limited and others under the Prevention of Money Laundering Act (PMLA), 2002. The agency has temporarily seized 20 immovable properties valued at ₹31.30 crore in connection with the case.
In a statement released on Thursday, the central investigative agency revealed that the seized assets include residential properties, commercial units, flats, and land located in West Bengal, Uttar Pradesh, Uttarakhand, and Delhi.
These properties were owned and controlled by Sanjay Kumar Sureka and were held either in his name or in the names of relatives, employees, associates, and shell companies to conceal the proceeds of crime.
To date, the total market value of assets seized in this case has reached approximately ₹777.1 crore.
Additionally, the ED has filed a supplementary charge sheet in Kolkata’s special court against 63 new accused individuals and entities under the PMLA, 2002, related to the ongoing money laundering investigation involving Concast Steel and Power Limited (CSP).
The statement noted that this supplementary charge sheet includes 63 additional accused persons/entities, comprising individuals, companies, LLPs, partnership firms, and proprietary firms found to be deliberately involved in laundering the proceeds of crime.
Furthermore, the ED initiated its investigation based on various sections of the IPC, 1860, and the Prevention of Corruption Act, 1988, following an FIR lodged against Sanjay Kumar Sureka and others by the CBI and BSF in Kolkata.
The FIR alleges that Concast Steel and Power Limited (CSP) colluded with its promoters and directors to fraudulently obtain loans from a consortium of banks by presenting inflated stock details, manipulated financial statements, and fabricated records. This resulted in a wrongful loss of approximately ₹6,210.72 crore (excluding interest) to banks and financial institutions.
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