The Kolkata zonal office of the directorate of enforcement (ED) has provisionally attached movable and immovable assets worth Rs133.09 crore belonging to Concast Steel and Power Ltd (CSPL) and the company promoter Sanjay Sureka, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement issued by the agency, the attachment order was made on 10 October 2025 as part of an ongoing investigation into a Rs6,210.72 crore bank fraud case involving CSPL, its directors and associated entities. ED investigation stems from a first information report (FIR) registered by the banking securities fraud branch of central bureau of investigation (CBI), which alleged that CSPL and its promoters defrauded banks and financial institutions through fraudulent practices, including diversion and siphoning of loan funds, inflated stock statements and manipulated balance sheets.
During the course of the investigation, ED says it found that Mr Sureka systematically purchased immovable properties in the names of relatives, employees, close associates and shell entities controlled by him. The probe further revealed that the loan funds raised from banks were diverted through group companies and used to subscribe to debentures of BDG group of companies which were later converted into equity shares.
The financial investigation has also uncovered complex layers of transactions involving several companies believed to have participated in the layering of proceeds of crime generated by CSPL. “The role of these companies, their directors and associated persons is presently under detailed examination to ascertain the full extent of their involvement in the laundering process and to trace the ultimate beneficiaries of the illicit funds,” ED says.
The agency has so far filed a prosecution complaint on 15 February 2025 and a supplementary prosecution complaint on 11 July 2025 before the special PMLA court. ED has already arrested Mr Sureka and Anant Kumar Agarwal in connection with the case and both remain in judicial custody.
ED’s findings suggest that funds obtained from consortium banks were deliberately diverted through a maze of related companies to conceal their origin and integrate them into legitimate-looking investments. The agency said that efforts are ongoing to trace the complete money trail, identify ultimate beneficiaries, and recover additional proceeds of crime linked to the massive loan fraud.
The latest action takes the total value of assets attached so far to around Rs745.8 crore, marking one of the largest property attachments by the Kolkata zonal office in recent years under the PMLA.
In July this year, ED arrested Anant Kumar Agarwal, a chartered accountant (CA) from Kolkata, in connection with a large-scale money laundering case linked to CSPL and others. According to the agency, CA Agarwal played a crucial role in facilitating the laundering of proceeds of crime on behalf of Mr Goel, former 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.
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 found evidence of the systematic use of accommodation entries and shell firms for the structured layering and concealment of illegal gains. (
Read: CA Held for Laundering Kickbacks for UCO Bank's Ex-CMD in Concast Steel Case)
