Concast Steel Magnate Arrested in High-Stakes Bank Fraud Case

The Enforcement Directorate (ED) arrested Sanjay Sureka, owner of Concast Steel and Power Limited, in connection with a bank fraud case in Jharkhand. Jewellery and luxury cars were seized in raids. The ED is investigating the involvement of shell companies and influential figures in this case.

In a significant development, the Enforcement Directorate (ED) has apprehended Sanjay Sureka, the industrialist and owner of Concast Steel and Power Limited, on charges related to a bank fraud in Jharkhand.

The arrest followed extensive raids conducted at over 10 locations in West Bengal, including Sureka's residence in the upscale Ballygunge area of south Kolkata. During these raids, authorities seized jewellery worth Rs 4.5 crore as well as several luxury cars, indicative of possible illicit gains.

The ED is expanding its investigation to uncover possible involvement of shell companies and influential individuals. An insider from the central probe agency revealed that significant money transfers were funneled through these companies, raising questions about the scale and reach of the fraudulent activities.

(With inputs from agencies.)