The Concast Steel & Power Bank Fraud

“Credit facilities extended to Concast Steel & Power Ltd will be repaid according to sanctioned terms, based on accurately reported stock, sales, and production.”

— Concast Steel & Power Ltd, under promoter Sanjay Sureka, Kolkata-based iron and steel company; borrower from a consortium of public sector banks · 30 September 2016

The company availed credit facilities from 11 public sector banks and five financial institutions before turning into a non-performing asset on 30 September 2016.

Loans backed by genuine, verifiable stock, sales, and production data, with bank officials exercising independent, non-corrupt credit appraisal and monitoring.

RBI prudential lending norms and standard bank consortium credit-monitoring practice.

In force from 30 September 2016

The CBI and ED allege that Sanjay Sureka created a network of nearly 60 shell companies to project a fictional turnover running into thousands of crores, using fake sales, purchase, and transport documents to show production and sales volumes that did not exist, securing loans from a consortium of government-owned banks that eventually defaulted at over ₹6,210 crore. S.K. Goel, a former Chairman and Managing Director of UCO Bank (2007–2010), was arrested in connection with allegedly taking bribes to keep credit flowing to the group; his family members and associates have had assets attached. Sureka and associates were arrested in December 2024 after the ED initiated money-laundering proceedings based on the CBI's FIR. The ED has continued attaching Sureka's and Goel's assets through 2025 and early 2026, and conducted fresh raids in Kolkata and Howrah, though asset liquidation had recovered only around ₹434 crore against the total default as of the most recent reporting reviewed.

As of 1 January 2026

₹6,210.7 crore in bank losses is alleged (excluding interest); the ED has attached over ₹133 crore in Sureka's assets, ₹210 crore in immovable property attached earlier, and over ₹106 crore linked to Goel's family and associates.

1. 30 Sept 2016Status
   Account turns NPA

   Concast Steel & Power's loan account is classified as a non-performing asset after alleged large-scale fund diversion.

2. 1 Jul 2019Status
   Fraud reported to banks

   Consortium banks flag the account as fraudulent, setting the stage for a CBI referral.

3. 1 Dec 2024Milestone
   Sureka and associates arrested

   The ED arrests Sanjay Sureka and associates after opening money-laundering proceedings based on the CBI's FIR.

4. 16 May 2025Milestone
   Former UCO Bank CMD arrested

   S.K. Goel is arrested at his New Delhi residence over alleged bribes taken to sustain credit to the group.

5. 1 Feb 2025Status
   Immovable property attached

   The ED attaches immovable properties worth ₹210.07 crore under the PMLA.

6. 1 Jan 2026Status
   Further asset attachments and raids

   The ED attaches additional assets worth ₹133.09 crore and conducts fresh raids in Kolkata and Howrah.

This is a stub entry. Sanjay Sureka and S.K. Goel have both been arrested; multiple rounds of asset attachment have followed. No chargesheet-stage or trial outcome is confirmed in the sources reviewed.

• This is a stub entry; the full list of 60 alleged shell companies and their individual roles has not been documented here.
• The most recent recovery/asset-liquidation total beyond the ~₹434 crore figure cited in early-2026 reporting has not been confirmed.
• Whether a chargesheet has been filed against Sureka, Goel, or other accused has not been established.