NEW DELHI, March 9: The Enforcement Directorate (ED), Kolkata Zonal Office, on Monday filed a supplementary chargesheet before a Special Court (PMLA) in Kolkata in connection with the ongoing money laundering investigation against Shree Ganesh Jewellery House (I) Ltd. (SGJHIL).
“In the supplementary chargesheet, a total of 15 new accused persons, including five individuals and 10 entities allegedly used for diversion and laundering of proceeds of crime, have been named. Pratyush Kumar Sureka, who was earlier arrested under Section 19 of the PMLA, has also been named as an accused in the supplementary prosecution complaint,” said a senior ED official.
The ED’s case is based on an FIR lodged by the CBI in connection with an alleged bank fraud of approximately Rs 2,672 crore involving a consortium of 25 banks led by the State Bank of India. Investigation revealed that SGJHIL and its promoters allegedly obtained and enhanced credit facilities based on false financial statements and inflated export bills, and subsequently diverted and siphoned off loan funds through a network of domestic and overseas entities.
Investigation under the PMLA established that a substantial portion of the bank loan funds sanctioned for the jewellery business was diverted into a solar power project through M/s Alex Astral Power Pvt. Ltd. SGJHIL allegedly infused Rs 120 crore as equity through five conduit entities that had no independent business activity. The project further availed Rs 280 crore in bank finance backed by corporate guarantees from SGJHIL, resulting in total investments of around Rs 400 crore.
Further investigation revealed that the solar power plant, backed by a long-term Power Purchase Agreement ensuring stable revenue, was allegedly transferred through sham and grossly undervalued transactions for less than Rs 20 crore to entities controlled by related parties.
The transaction structure involved shell companies, trusts, fabricated agreements, circular layering of funds, and diversion of bank credit facilities, allegedly designed to siphon off and conceal proceeds of crime.
In continuation of the investigation, the ED also issued a Provisional Attachment Order dated February 13, 2026, under Section 5(1) of the PMLA, provisionally attaching properties worth Rs 95.75 crore. These include the solar power plant set up through Alex Astral Power Pvt. Ltd. in Gujarat and three high-value residential flats located at Godrej Platinum, Alipore, Kolkata.
Earlier, the ED had filed a chargesheet naming seven accused and attached properties worth Rs 193.11 crore.
Further investigation in the matter is ongoing. (UNI)
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