The Enforcement Directorate (ED) on Tuesday night arrested industrialist and owner of Concast Steel and Power Ltd. Sanjay Sureka in a bank fraud case, an official said.
During the raids on the properties belonging to him, jewelery worth Rs 4.5 crore and several foreign luxury cars were seized, the official said.
On Wednesday, a court allowed the ED to remand Sureka for 14 days.
On Tuesday and Wednesday, the ED conducted raids at more than 10 locations in West Bengal, including Sureka’s residence in South Kolkata’s Baliganj area, under the provisions of PMLA, 2002, an official said.
According to ED sources, the arrest was part of an ongoing investigation into a Rs 6,000-crore bank fraud involving at least 16 banks across the country, including Jharkhand and Odisha. Sanjay Sureka allegedly took a loan of Rs 6,000 crore through various accounts, but failed to repay the loan, it is alleged.
The ED had been monitoring Sureka’s role in the alleged fraud for over a year and searched 10 places linked to him, including his residence in Mandivilla Gardens.
“We are trying to find out how many people are behind it or some influential people are involved,” an official said.
During the interrogation, Sureka could not give a satisfactory answer about the misappropriation of funds and the confiscated jewelry. Moreover, Sureka could not produce valid documents of the valuables found in his residence.
– with PTI
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