The Enforcement Directorate (ED) arrested a Kolkata-based businessman in connection with a massive bank fraud and money laundering case involving nearly ₹2,800 crore. The accused, Pratyush Kumar Sureka (40), was produced before the magistrate of a special court under the Prevention of Money Laundering Act (PMLA) on Saturday and remanded to ED’s custody for four days.
According to ED sources, the case is linked to Shree Ganesh Jewellery House Limited (SGJHIL), whose promoters are accused of defrauding a consortium of 25 banks to the tune of approximately ₹2,672 crore. The ED probe stems from an FIR filed by the Central Bureau of Investigation (CBI) in 2016.
Investigators have alleged that loans sanctioned to SGJHIL during 2011–12 were not utilised for the company’s jewellery business. Instead, a substantial portion of the funds was allegedly diverted to other entities and ventures, including under the pretext of investment in a solar power project.
ED officials said Alex Astral Power Pvt. Ltd. emerged as a key entity in the alleged diversion of funds. Sureka became the joint managing director of the company in April 2012. Following this, multiple instances of financial irregularities allegedly came to light.
According to the ED, crores of rupees were siphoned off through various companies of the Astral Group. Investigators claim the accused and others adopted several fraudulent methods, including the creation of fake board resolutions, backdated agreements, misuse of digital signatures, appointment of dummy directors, and money laundering through circular transactions and so-called “sham loans.”
Sources within the investigative agency revealed that a Look Out Circular (LOC) had been issued against Sureka on January 5. Acting on the alert, ED officials apprehended him at Kolkata airport as he was allegedly attempting to board a flight to Thailand.
The ED has stated that the investigation is ongoing and that further questioning of the accused is expected to shed more light on the alleged money trail and the role of other individuals and entities involved in the case.
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