Industrialist Sanjay Sureka arrested in bank fraud case

Kolkata: The Enforcement Directorate (ED) on Wednesday arrested Sanjay Sureka, the industrialist and owner of Concast Steel and Power Limited, in connection with a bank fraud case in Jharkhand. The arrest follows a series of raids conducted by the ED on Tuesday and Wednesday at over 10 locations in West Bengal, including Sureka’s residence in Kolkata’s Ballygunge area. During the raids, jewellery worth Rs 4.5 crore and several foreign-made luxury cars were seized. Sureka is being questioned in relation to the alleged bank fraud, with the ED aiming to uncover the extent of the involvement of other individuals or influential figures. Preliminary investigations have indicated that large sums of money were moved through shell companies, complicating the financial trail. This arrest is part of an ongoing probe into a Rs 6,000 crore bank fraud involving 16 national banks across India. Sources reveal that Sureka allegedly acquired loans through multiple accounts and fraudulent claims but failed to repay the funds. The case, which dates back to 2022, involves the duping of a nationalised bank in Jharkhand, as per ED sources. with agency inputs