Kolkata: The Enforcement Directorate (ED) on Thursday conducted searches at six locations across West Bengal, including three in Kolkata, in a coal smuggling and money-laundering probe in which it identified the West Bengal–based Shakambhari Group as a major end-user of illegally mined coal from Eastern Coalfields Limited (ECL) areas.
In a statement after searches in West Bengal and Delhi, the ED said a “large part” of coal illegally extracted from ECL leasehold areas was sold to manufacturing units operated by the unlisted Shakambhari Group, with supplies allegedly made to factories in Bankura, Purulia and Burdwan districts.
The group, headed by chairman and managing director Deepak Kumar Agarwal, operates sponge iron, steel and power units and markets products under brands such as Thermocon and Elegant. Public disclosures show the group reported a turnover of Rs 5,533.69 crore in 2023-24, rising to Rs 6,098.39 crore in 2024-25, and expanded by acquiring stressed assets through the National Company Law Tribunal. The ED alleged that illegally mined coal formed a key input for several of its plants.
The probe stems from a CBI FIR registered in 2020 against alleged coal smuggling kingpin Anup Majee and others. Based on the FIR, the ED registered an ECIR under the Prevention of Money Laundering Act and claimed the investigation uncovered a layered money-laundering mechanism involving hawala operators, one of whom allegedly facilitated transactions worth tens of crores of rupees, including about Rs 10 crore, to Indian PAC Consulting Private Limited (I-PAC).
ED teams searched the residence of I-PAC co-founder Prateek Jain, the firm’s Salt Lake office and a businessman’s residence in Posta.
During the searches, Chief Minister Mamata Banerjee visited Jain’s residence and the I-PAC office and alleged political targeting, while the ED claimed documents and electronic devices were removed, amounting to obstruction under the PMLA, a charge it denied was politically motivated.