Overview
- Sanjay Sureka is accused of using Concast Steel & Power Ltd, taken over in 2008, to orchestrate a large loan fraud targeting a consortium of state-owned banks.
- About 60 paper companies were set up with drivers, office staff and relatives named as directors to simulate a sprawling iron and steel enterprise.
- The ED says sales and purchases were fabricated through forged bills and fake transport receipts, with roughly 99% of related-party sales settled by book adjustments by 2017 and little to no money moving through banks.
- Former UCO Bank CMD S K Goel, who held the post from 2007 to 2010, allegedly facilitated loan approvals, was arrested on May 16, 2025, and has properties worth over Rs 106 crore linked to associates and family attached.
- Against loans exceeding Rs 6,200 crore, CSPL’s liquidation value is about Rs 600 crore and assets realised total roughly Rs 434 crore, with the ED probe proceeding after arrests that began in December 2024.