ED Attaches Rs133 Crore Assets of Concast Steel and Fraud Sanjay Sureka
• Fraud Sanjay Sureka’s Assets Seized
• Probe Reveals Layering Through Debentures and Equity
• From Bank Loans to Shell Companies: Tracing the Illicit Cash
The Enforcement Directorate has attached ₹133 crore worth of assets belonging to Concast Steel and its promoter, Sanjay Sureka, in connection with a ₹6,210 crore bank fraud and money laundering case. Investigations reveal complex financial layering through debentures and equity linked to shell companies. With this action, total attachments in the case have reached nearly ₹746 crore under the Prevention of Money Laundering Act (PMLA).
- ED Attaches Rs133 Crore Assets of Concast Steel and Fraud Sanjay Sureka
- • Fraud Sanjay Sureka’s Assets Seized
- • Probe Reveals Layering Through Debentures and Equity
- • From Bank Loans to Shell Companies: Tracing the Illicit Cash
- The Foundation of the Bank Fraud Case
- Complex Web of Money Laundering Unraveled
- Previous Actions and Key Arrests Made
- Modus Operandi of Kickbacks and Concealment
- Ongoing Probe and Asset Recovery Efforts
- Controversy about the company
- A supplementary prosecution complaint was filed in July 2025.
The Enforcement Directorate (ED) has attached assets worth ₹133.09 crore in a major bank fraud case. This action targets Concast Steel and Power Ltd (CSPL) and its promoter, Sanjay Sureka. The attachment is part of a sprawling money laundering investigation. It centers on an alleged bank fraud of ₹6,210.72 crore.
The provisional order was issued under the Prevention of Money Laundering Act (PMLA). It follows an earlier attachment of properties worth ₹612.71 crore. The total attached assets in this case now stand at approximately ₹745.8 crore.
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The Foundation of the Bank Fraud Case
The ED’s probe originates from a CBI FIR. The Central Bureau of Investigation alleged CSPL defrauded a consortium of banks. The methods included fund diversion and siphoning off loans. Inflated stock statements and manipulated balance sheets were also used.
The agency found fraud Sanjay Sureka purchased immovable properties systematically. These assets were acquired in the names of relatives and employees. Properties were also held by close associates and shell entities.
Complex Web of Money Laundering Unraveled
Loan funds were diverted through a maze of group companies. The money was used to subscribe to debentures of the BDG Group. These debentures were later converted into equity shares. This layered the proceeds of crime effectively.
Several companies participated in layering the illicit funds. Their role and the ultimate beneficiaries are under detailed examination. The Sprouts News Special Investigation Team has tracked this complex financial trail.
Previous Actions and Key Arrests Made
The ED has already filed a prosecution complaint and a supplementary charge sheet. Sanjay Sureka and Anant Kumar Agarwal were arrested in the case. Both individuals currently remain in judicial custody.
Subodh Kumar (SK) Goyal, former UCO Bank CMD, was also arrested. He allegedly sanctioned loans over ₹1,460 crore to CSPL. These loans subsequently turned into non-performing assets (NPAs).
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Modus Operandi of Kickbacks and Concealment
Goyal received substantial kickbacks in return for the loans. These included cash, luxury goods, services, and immovable assets. The bribes were routed through multiple front companies.
Chartered Accountant Anant Agarwal facilitated the money laundering. He operated a network of shell companies for this purpose. Illicit funds were disguised as unsecured loans and share capital.
Ongoing Probe and Asset Recovery Efforts
ED officials confirmed efforts to trace the complete money trail. Identifying all ultimate beneficiaries remains a top priority. The agency aims to recover additional proceeds of crime.
Controversy about the company
The core of the case is a bank fraud amounting to ₹6,210.72 crore (approximately $750 million), which led to the company being declared a non-performing asset (NPA) in 2016. The Enforcement Directorate (ED) initiated its probe based on a CBI FIR, which alleged that CSPL and its promoters used fraudulent practices such as diverting and siphoning off loan funds, submitting inflated stock statements, and manipulating balance sheets.
The investigation has revealed a complex method of moving funds, where bank loans were allegedly diverted through a “maze of shell entities” in the names of relatives, employees, and associates. The funds were then used to subscribe to debentures of the BDG Group of companies, which were later converted into equity shares, thereby layering the proceeds of crime.
In return for sanctioning these loans, the former Chairman and Managing Director of UCO Bank, Subodh Kumar Goyal, was arrested for allegedly receiving kickbacks in the form of cash, luxury goods, and immovable assets routed through front companies.
The timeline of enforcement actions has been extensive:
- In December 2024, the ED conducted raids at over 10 locations linked to fraud Sureka, leading to his arrest. The agency seized gold and jewellery worth ₹4.5 crore and several luxury vehicles during these operations.
- In February 2025, the ED filed a prosecution complaint (the equivalent of a chargesheet) and had previously attached properties worth ₹210.07 crore.
A supplementary prosecution complaint was filed in July 2025.
The most recent action came in October 2025, with a provisional attachment of assets worth ₹133.09 crore, bringing the total value of attached properties in this case to approximately ₹745.8 crore.
Other individuals arrested in the case include Anant Kumar Agarwal, a chartered accountant who allegedly facilitated the laundering through a network of shell companies. Both Sureka and Agarwal remain in judicial custody as the investigation continues to trace the complete money trail and identify the ultimate beneficiaries of the illicit funds.
