The Enforcement Directorate’s Kolkata Zonal Office has submitted a supplementary charge sheet in the Special Court (PMLA) in Kolkata regarding the money laundering probe involving Shree Ganesh Jewellery House (I) Ltd. (SGJHIL). This charge sheet includes 15 new accused individuals and entities linked to the alleged diversion and laundering of crime proceeds. Among them is Pratyush Kumar Sureka, who was previously arrested under the Prevention of Money Laundering Act.
The case stems from an FIR filed by the CBI’s Bank Securities and Fraud Cell in Kolkata, concerning a purported bank fraud of around Rs 2,672 crore involving a consortium of 25 banks led by the State Bank of India. Investigations suggest that SGJHIL and its promoters secured credit facilities based on falsified financial statements and inflated export bills, later funneling loan funds through various entities, both domestic and overseas.
The probe under the PMLA uncovered that a significant portion of the sanctioned bank loan meant for the jewellery business was redirected to a solar power project operated by M/s Alex Astral Power Pvt. Ltd. SGJHIL allegedly injected Rs 120 crore as equity through five entities with no independent business operations, with the project receiving an additional Rs 280 crore in bank finance, totaling investments of about Rs 400 crore.
Further scrutiny disclosed that the solar power plant, supported by a long-term Power Purchase Agreement for stable revenue, was purportedly transferred through undervalued transactions for less than Rs 20 crore to related parties’ controlled entities. As part of the ongoing investigation, the ED has seized properties valued at approximately Rs 95.75 crore, including the solar power plant in Gujarat and three upscale residential flats in Kolkata’s Alipore area.
