ED Raids Unravel Massive Bank Fraud Operation

The Enforcement Directorate raided locations in Kolkata and Howrah related to a Rs 6,000-crore bank fraud. The investigation exposed shell companies linked to the case. Previously, Concast Steel and Power's promoter Sanjay Sureka was arrested. The fraud involved duping a nationalized bank in Jharkhand.

The Enforcement Directorate (ED) conducted significant raids on Thursday at three locations in Kolkata and Howrah, targeting a massive Rs 6,000-crore bank fraud. The raids were carried out at the residence and offices of a businessman alleged to have connections with the fraud.

During the probe, the ED uncovered several shell companies possibly implicated in the fraudulent activities. An official stated that the businessman in question is a director of one such agency, and the searches aim to unravel the fraud's network and the diversion of funds.

In an earlier development last December, the ED arrested Sanjay Sureka, promoter of Concast Steel and Power, seizing Rs 4.5 crore worth of jewellery and luxury cars. This case originated from allegations that an industrialist defrauded a nationalized bank in Jharkhand in 2022.