The Enforcement Directorate in Kolkata has apprehended Pratyush Kumar Sureka, a 40-year-old Kolkata resident, under the Prevention of Money Laundering Act. This arrest is linked to a bank fraud case involving M/s Shree Ganesh Jewellery House (I) Ltd, as per the central investigation agency’s statement. The ED’s probe was triggered by an FIR filed by the CBI against M/s Shree Ganesh Jewellery House (I) Ltd and its promoters for deceiving a group of 25 banks of Rs 2,672 crore.
ED’s investigation uncovered that during 2011-12, SGJHIL diverted loan funds intended for its jewelry business to solar power projects through M/s Alex Astral Power Pvt Ltd and its affiliated entities. Pratyush Kumar Sureka was appointed as the Joint Managing Director of M/s Alex Astral Power Pvt Ltd through an agreement dated April 24, 2012. A solar power plant valued at approximately Rs 400 crore, supported by a long-term power purchase agreement with Gujarat Urja Vikas Nigam Ltd, was deceitfully transferred using M/s Alex Astral Power Pvt Ltd.
The transfer, executed for less than Rs 20 crore through a deceptive investment agreement involving entities under Sureka’s control, was structured as a related-party transaction to transfer and mask the asset’s value. This led to adverse consequences for creditor banks and financial institutions. Despite Sureka’s limited actual net worth, investigations revealed that assets worth hundreds of crores were apparently transferred by channeling funds through circular transactions, employing entry operators, submitting false documents, and hiding behind a convoluted corporate front.
Despite multiple opportunities given to cooperate with the investigation, Sureka did not comply and attempted to flee abroad. He was intercepted at Kolkata airport on January 5 while trying to travel to Thailand based on a Look Out Circular. Due to his non-cooperation, risk of evidence tampering, intimidation of witnesses, flight risk, and ongoing dissipation of crime proceeds, he was arrested on January 16. The Special PMLA Court has granted four days of custody for further proceedings.
