Kolkata, Aug. 24 -- The Enforcement Directorate (ED) in a fresh search operation against Concast Steel and Power Ltd has frozen a bank account of Rs 50 lakh and confiscated various records in relation to immovable properties of promoter of CSPL Sanjay Sureka.
The CSPL has been accused of defrauding banks and financial institutions to the tune of Rs 6,210.72 crore diversified and siphoning of funds by submitting inflated stock statements and manipulating the balance sheet, the ED said in a statement.
During the searches on Wednesday the ED came to know that limits of cash credit loans were enhanced by banks against certain properties which had already been attached by it. This indicated possible irregularities and misuse of attached assets...