New Delhi, Oct 13 (UNI) The Enforcement Directorate’s (ED) Kolkata Zonal Office has attached movable and immovable properties worth Rs 133.09 crore in an ongoing investigation against Concast Steel and Power Ltd. (CSPL) and its promoter, Sanjay Sureka. The properties were seized on October 10.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR filed by the Central Bureau of Investigation, Bank Securities and Fraud Branch (BSFB), Kolkata.
The FIR accused CSPL and its directors/promoters of defrauding banks and financial institutions of Rs 6,210.72 crore through fraudulent activities, including fund diversion and siphoning, submission of inflated stock statements, and balance sheet manipulation.
The investigation established that Sanjay Sureka systematically purchased immovable properties in the names of his relatives, employees, close associates, and shell entities under his control. It was also revealed that loan amounts obtained from banks were diverted through his group companies to subscribe to debentures of the BDG Group of companies, which were later converted into equity shares.
This is not the first action in the case. Properties worth Rs 612.71 crore had previously been provisionally attached from various entities linked to CSPL, its promoter Sanjay Sureka, and Subodh Goyal, the former CMD of UCO Bank.
A prosecution complaint was filed on February 15, 2025, followed by a supplementary complaint on July 11, 2025. The accused, Sanjay Sureka and Anant Kumar Agarwal, were arrested by the ED and they remain in judicial custody.
Sources said investigation uncovered a series of financial transactions with several companies involved in layering the proceeds of crime generated by CSPL.
The role of these companies, their directors, and associated persons is under detailed examination to ascertain the full extent of their involvement in the money laundering process and to trace the ultimate beneficiaries of the illicit funds.
