The Kolkata zonal office of the directorate of enforcement (ED) has arrested Anant Kumar Agarwal, a chartered accountant (CA) from Kolkata, in connection with a large-scale money laundering case linked to Concast Steel & Power Ltd (CSPL) and others. CA Agarwal was taken into custody on 25 June 2025 under provisions of the Prevention of Money Laundering Act (PMLA), 2002, and produced before the Special Court (PMLA) in Kolkata, which granted his custody to ED until 5 July 2025.
According to the agency, CA Agarwal played a crucial role in facilitating the laundering of proceeds of crime on behalf of Subodh Kumar Goel, former chairman and managing director (CMD) of UCO Bank. ED's investigation has revealed that CA Agarwal actively created and operated a network of shell companies that were used to disguise illicit funds as legitimate financial transactions, such as bogus unsecured loans and share capital routed in exchange for cash.
The ED stated that CA Agarwal not only provided professional services to camouflage the money trail but also held significant positions in entities directly involved in laundering activities. These companies were used to layer and reroute tainted funds, often introducing them into formal accounting books under the guise of legitimate business entries.
This arrest follows that of Mr Goel on 16 May 2025 for allegedly sanctioning loans exceeding Rs1,460 crore to CSPL which subsequently turned into non-performing assets (NPAs). In return, Mr Goel is alleged to have received substantial kickbacks in cash, luxury goods, services and immovable assets, all routed through multiple front companies. ED has found evidence of the systematic use of accommodation entries and shell firms for the structured layering and concealment of illegal gains.
In a parallel development, the agency also conducted search operations in the National Capital Region (NCR) targeting individuals allegedly extorting money from persons under ED’s scrutiny. These individuals were reportedly making false assurances of favourable outcomes in the investigations. During the raids, the agency seized cash, gold, incriminating documents and digital devices.
This case stems from a wider investigation into the affairs of Concast Steel & Power, headquartered in Kolkata. The company, promoted by Sanjay Kumar Sureka, has defaulted on loans amounting to Rs6,210 crore obtained from 11 public sector banks (PSBs) and five financial institutions. The credit facilities availed included term loans, cash credit and letters of credit—many of which devolved after being issued in the names of related parties. The loan accounts were declared NPAs in September 2016.
ED’s probe revealed that CSPL and its promoters manipulated financial records, submitted inflated stock statements, and diverted funds through a complex network of companies linked to employees, relatives, and associates. The funds were siphoned off for personal use, including the purchase of luxury items and properties. In December 2024, ED conducted searches at 13 locations linked to the Concast group, seizing gold, jewellery worth Rs4.5 crore and eight luxury vehicles.
Earlier in February 2025, ED attached immovable properties worth Rs210.07 crore under the PMLA. These properties—comprising residences, office spaces, commercial shops and plots—were found to be beneficially owned by the company CMD Sureka. These enforcement actions followed a first information report (FIR) registered by the banking securities fraud branch of central bureau of investigation (CBI) based on a complaint filed by the State Bank of India (SBI) which led the lender consortium.
ED’s findings so far indicate a coordinated effort between company insiders, professional facilitators, and corrupt banking officials to siphon off public funds on a massive scale. With CA Agarwal’s arrest, the agency appears to be widening its focus to include enablers who helped legitimise and conceal the flow of illicit funds.
The agency says further investigation in the matter is underway.
