Kolkata Bussinessman Nabbed as ED Cracks Down on Bank Fraud Network

ED arrests Kolkata businessman Pratyush Kumar Sureka in a ₹2672-₹2800 crore bank-fraud and money-laundering case linked to bogus transactions and fund siphoning.

The Enforcement Directorate (ED) has arrested Kolkata-based businessman Pratyush Kumar Sureka in connection with one of the biggest bank fraud and money-laundering investigations in recent years. The arrest, made under provisions of the Prevention of Money Laundering Act (PMLA), 2002, follows a months-long federal probe into alleged multi-crore financial irregularities affecting a consortium of Indian banks.

Allegations and Financial Impact

According to the ED, the case involves an alleged bank fraud worth around ₹2,672 to ₹2,700 crore linked to Shree Ganesh Jewellery House and related entities. The consortium of more than 25 banks is said to have been defrauded through fabricated corporate to practices and bogus loan structures.

The probe reveals that large financial assets- including a solar power plant valued at almost ₹400 crore – were transferred through a complex web of transactions designed to conceal true ownership and misuse bank financing.

Modus Operandi: Fabrication & Concealment

ED officials allege that Mr. Sureka and his associates employed a series of deceptive tactics to mislead banks and regulators, including:

• Fabricating board resolutions and backdated agreements to give false legitimacy to transactions
• Misusing digital signatures and appointing dummy directors to hide real control of group companies.
• Challenging funds through sham loans, bogus expenses and circular money transfers into entities controlled by Sureka and his family, effectively disgusing tainted funds as legitimate.

The ED alleges that these steps were taken to siphon off huge sums and diminish the value of assets available to creditor banks, causing serious financial losses.

Arrest and Court Proceedings

Pratyush Kumar Sureka was arrested on January 16, 2026 and has since been remanded to ED custody after being produced before a special PMLA court in Kolkata. Authorities cited concerns that he could tamper with evidence, intimidate witnesses or attempt to flee- charges that underscore the gravity of the alleged fraud.

Earlier, when the investigation intensified, the businessman was intercepted at the Kolkata airport while attempting to travel abroad after a look-out circular (LOC) was issued against him.

Investigation Status and Next Steps

The ED’s probe remains ongoing. The agency is examining financial records, transaction trails, corporate documents and other digital evidence to build a comprehensive chargesheet under the PMLA. Officials are also working closely with the Central Bureau of Investigation (CBI), which initially registered the FIR under its bank fraud and financial securities wing.

Legal experts say the case could involve additional arrests or asset attachments as the probe unfolds, given the scale and alleged sophistication of the fraud.

Public and Banking Sector Response

While authorities continue their investigation, banking officials have reiterated the need for stringent due diligence and enhanced monitoring systems to prevent similar large-scale frauds in future. The case has sparked fresh debate on corporate governance and risk assessment mechanisms within public and public and private sector banks.