A seismic jolt to Kolkata’s glittering jewelry industry: The Enforcement Directorate has arrested Pratyush Kumar Sureka, pinning him as the architect of a colossal bank fraud scheme. This high-stakes bust exposes deep-rooted malpractices in loan procurement and fund misuse.
At the heart of the case is a jewelry conglomerate that lured banks with rosy projections, only to default spectacularly. Sureka’s fingerprints are all over the deceit—fake audits, supplier collusion, and diversion of credits to speculative real estate and stock plays. The scam’s scale, pegged at over Rs 500 crore, involved multiple PSU banks now scrambling to quantify losses.
The ED’s operation was meticulously planned, with Sureka cornered after surveillance confirmed his role. Seized assets include gold bullion stashed in safe deposits and cryptocurrency wallets holding fraud proceeds. International cooperation is underway to repatriate funds parked abroad.
Insiders reveal Sureka’s empire expanded rapidly on debt-fueled growth, masking insolvency with creative accounting. The fallout threatens jobs at affiliated units and could trigger stricter oversight on gold loans, a lucrative banking segment.
With custody secured, ED interrogators aim to flip accomplices and map the full ecosystem of enablers. This case amplifies calls for digital transparency in lending and robust whistleblower protections. Kolkata watches closely as justice unfolds in this saga of greed and graft.