ED Provisions Attach Properties Worth Rs 133.09 Crore in Multi-Crore Bank Fraud Case Against Concast Steel & Power Ltd. and Promoter.

Headnote:

The Directorate of Enforcement (ED), Kolkata Zonal Office, provisionally attached movable and immovable properties worth Rs 133.09 Crore on 10 October 2025 under the Prevention of Money Laundering Act (PMLA), 2002 in connection with the ongoing investigation against M/s Concast Steel and Power Ltd. (CSPL) and its promoter, Sanjay Sureka. The ED’s investigation follows a CBI FIR alleging bank fraud to the tune of Rs 6,210.72 Crore through diversion of funds, inflated stock statements, and manipulation of financial records.

Background:

1. FIR registered by CBI, BSFB, Kolkata, against CSPL and its Directors/Promoters for defrauding banks and financial institutions.
2. Earlier provisional attachments in the case include properties worth Rs 612.71 Crore belonging to entities associated with CSPL, Sanjay Sureka, and Subodh Goyal, Ex-CMD of UCO Bank.
3. Prosecution complaints filed on 15 February 2025 and supplementary complaint on 11 July 2025.
4. Accused Sanjay Sureka and Anant Kumar Agarwal are in judicial custody.

Investigation Findings:

1. Sanjay Sureka allegedly purchased immovable properties in the names of relatives, employees, associates, and shell entities to conceal assets.
2. Loan funds diverted via group companies were used to subscribe to BDG Group debentures, later converted into equity.
3. Multiple financial transactions were identified, suggesting systematic layering of illicit funds.
4. Investigations continue to identify other entities, directors, and beneficiaries involved in money laundering.

Legal Provisions:

1. Prevention of Money Laundering Act, 2002 – attachment of properties and tracing proceeds of crime.

Citation:

ED Press Release – Concast Steel & Power Ltd. Case