ED seizes ₹210 crore assets of Concast Steel owner in ₹6,000 crore bank fraud case

The Enforcement Directorate (ED) has seized assets worth over ₹210 crore belonging to Concast Steel and Power Limited owner Sanjay Sureka in connection with a ₹6,000 crore bank fraud case. The seized assets include real estate, luxury foreign cars, and gold and silver jewelry worth ₹4.5 crore. Sureka had allegedly taken massive loans from 11 public sector banks and five financial institutions but failed to repay them. The Central Bureau of Investigation (CBI) had earlier filed an FIR against him, based on which the ED initiated a money laundering probe.

According to the ED, Sureka created multiple shell companies under the names of his employees and associates to divert loan funds. His company allegedly manipulated its stock market valuation to artificially inflate its worth. The fraud first came to light in 2022 when the State Bank of India (SBI) reported a ₹3,280 crore loan default, which later escalated to nearly ₹6,000 crore. Investigators stated that funds were moved through various channels to conceal financial irregularities.

In December 2024, the ED conducted a raid at Sureka’s residence in Ballygunge, South Kolkata, recovering ₹2 crore in cash, gold and silver jewelry worth ₹4.5 crore, and two luxury foreign cars. Following the raid, Sureka was arrested under the Prevention of Money Laundering Act (PMLA). The agency has now seized his assets under the same law, freezing properties and financial holdings linked to the alleged fraud.

Officials stated that the investigation is ongoing and further action may be taken against individuals and entities linked to the case. Authorities are examining the flow of funds and transactions connected to Sureka’s companies. The ED has not ruled out the possibility of additional seizures as the probe continues.