New Delhi [India], October 13 (ANI): The Enforcement Directorate (ED) has attached movable and immovable properties worth Rs 133.09 crore in connection with the ongoing investigation against Concast Steel and Power Ltd (CSPL) and its promoter, Sanjay Sureka, for defrauding banks and financial institutions to the tune of Rs 6,210.72 crore.

These properties were attached on October 10 by ED's Kolkata zonal office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

ED said it initiated an investigation on the basis of the First Information Report registered by the CBI, Kolkata, against CSPL and its directors and promoters for defrauding banks and financial institutions to the tune of Rs 6,210.72 crore (excluding interest) through fraudulent activities like diversion and siphoning of funds, submission of inflated stock statements and manipulation of balance sheet.

During the investigation, the agency said in a statement, it was established that Sanjay Sureka systematically purchased immovable properties in the names of his relatives, employees, close associates, and shell entities controlled by him.

'It further came to light that the loan amounts obtained from banks by Sanjay Sureka were diverted through his group companies and were used to subscribe to debentures of BDG Group of companies, which were subsequently converted into equity shares.'

Earlier, in this case, properties worth Rs 612.71 crore had been provisionally attached, belonging to various entities related to CSPL and its Promoter Sanjay Sureka and Subodh Goyal, Ex-CMD of UCO Bank.

Further, a Prosecution Complaint was filed on February 15, 2025, and a Supplementary Prosecution Complaint was filed on July 11, 2025.

Also, the accused persons, namely Sanjay Sureka and Anant Kumar Agarwal, were arrested by ED, and they remain in judicial custody.

'Investigations have further brought to light a series of financial transactions with several companies which have been found to be involved 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,' added the agency. (ANI)