Breaking: Enforcement Directorate’s Kolkata team has taken into custody Pratyush Kumar Sureka, central figure in a massive bank fraud case involving a prominent jewelry house. The operation underscores ED’s sharpened focus on recovering public money lost to corporate deceit.
The fraud saga unfolded when banks reported suspicious defaults on loans disbursed to the jewelry enterprise. Investigations revealed falsified invoices, ghost sales, and circular trading to show artificial profitability. Sureka, holding substantial stakes, allegedly engineered these maneuvers to pocket the proceeds, leaving banks with mounting NPAs.
ED’s swift action followed search operations across 15 locations, unearthing a trail of benami assets including luxury cars, farmhouses, and overseas investments. Digital forensics exposed encrypted communications coordinating the fraud with associates in Mumbai and Delhi’s financial districts.
This arrest disrupts a network that exploited lax KYC norms and evergreening of loans during the COVID-19 relief period. Stakeholders in Kolkata’s Park Street jewelry hub express concern over potential ripple effects, including supply chain disruptions and eroded investor confidence.
Produced in court today, Sureka faces charges under PMLA, with ED seeking extended remand to trace laundered funds. The agency has informed the RBI and Finance Ministry, paving the way for systemic reforms in loan sanctioning for high-risk sectors like jewelry. As the probe deepens, it serves as a cautionary tale for opaque businesses thriving on borrowed money.