ED Conducts Searches in Concast Steel Bank Fraud Case

By A Staff Reporter

Kolkata | The Enforcement Directorate (ED) conducted search operations at 13 locations connected to Concast Steel and Power Group under the Prevention of Money Laundering Act (PMLA), 2002, as part of an investigation into an alleged bank fraud.

The raids, carried out in Kolkata, resulted in the seizure of various incriminating documents and digital evidence. Additionally, the ED confiscated gold and jewelry worth Rs 4.5 crore, as well as eight vehicles, including luxury cars, according to official sources.

The investigation pertains to allegations of significant financial irregularities involving Concast Steel and Power Group, which reportedly defrauded banks of substantial sums. The searches aimed to uncover evidence of money laundering and trace assets linked to the alleged scam.

An ED official stated, “The evidence recovered during the searches will be examined thoroughly to establish the extent of the fraud and identify the beneficiaries. The assets seized, including the luxury vehicles, will form part of the case under the PMLA.”

This operation marks a critical development in the case as authorities intensify their efforts to tackle financial crimes and recover public funds. Further details about the investigation and the involvement of individuals in the alleged fraud are awaited.

The ED has ramped up its enforcement actions in recent months, focusing on high-profile financial frauds, money laundering cases, and economic offenses. The Concast Steel case adds to the growing list of corporate malfeasance under scrutiny.