The Enforcement Directorate (ED) on Thursday conducted simultaneous raids at three places in Kolkata and Howrah in connection with the ongoing investigation into an alleged Rupees 6, 000 crore bank fraud involving at least 16 banks across the country, an official said.

The ED raided the residence of one Dipak Jain on Thursday morning and seized multiple files.

According to sources, the agency is looking into whether the firm that Jain worked at is linked to the alleged fraud.

“While investigating the matter we came across several shell companies and agencies which were allegedly involved in the crime. This person is the director of one such agency and we are conducting searches to find the links to the fraud and how money was siphoned off,” the officer said.

On December 17, 2024, industrialist Sanjay Sureka, owner of Concast Steel and Power Limited, was arrested by the Enforcement Directorate in the case after extensive raids were conducted in Kolkata.

Sureka had allegedly secured loans worth Rs 6,000 crore through several accounts but had allegedly failed to repay them, ED sources said.

The agency had been

monitoring Sureka’s alleged role in the alleged fraud for over a year.

The ED had conducted searches at 10 locations allegedly linked to Sureka, which included his residence at Mandevilla Garden.

Jewellery worth Rs 4.5 crore and several foreign-made luxury cars were allegedly seized, from his residence during the raid.

During questioning, the Enforcement Directorate officials said that Sanjay Sureka was “unable to provide satisfactory answers” or “valid documents” for the valuables or the alleged misuse of funds.  — WITH PTI