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West Bengal: Kolkata-based Enforcement Directorate (ED) has arrested Pratyush Kumar Sureka, the key accused in the much-discussed bank fraud case involving Shree Ganesh Jewelery House (India) Limited. This arrest has been made under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002. The investigation into the case began in 2016 on the basis of an FIR registered by the CBI, in which fraud of Rs 2,672 crore was alleged on 25 banks. Investigation revealed that bank loans taken for jewelery business were diverted into solar power projects.

embezzlement of bank loan in solar project
Let us tell you that the bank loan taken during the year 2011–12 was transferred to M/s Alex Astral Power Pvt. Ltd. And it was invested in solar power projects through its associated companies. The total cost of this project was around Rs 400 crore, which included equity of Rs 120 crore and bank finance of Rs 280 crore. Investigation also revealed that the transfer of this amount was done fraudulently at a low price and huge loss was caused to the bank. According to the ED, this transaction was done in the form of a party deal, thereby hiding the actual value of the property and using the proceeds of crime.

Fake documents and misuse of digital signatures
Investigation revealed that Pratyush Sureka prepared fake board resolutions, misused digital signatures and appointed dummy directors. Apart from this, he tried to convert black money into white by transferring funds of companies under his control through false loans and circular transactions. Physical and electronic evidence made it clear that despite showing fraudulent sales, actual cash flows were used.

Sureka was trying to escape to Thailand
According to ED, Pratyush Sureka did not cooperate in the investigation several times and tried to flee abroad. On January 5, 2026, he was stopped from going to Thailand at Kolkata Airport. ED arrested him due to fear of evidence tampering and influencing witnesses. This case comes under Section 3 of the Money Laundering Act, as the proceeds of crime were being continuously laundered through fake transactions, circular fund movement and dummy companies. After this arrest, this case has come to the fore as a major action against fraud and money laundering in the Indian financial and banking system.