The Supreme Court has reserved its verdict on the bail plea by Sanjay Kumar Surekha, Chairman and Managing Director of Concast Steel and Power Ltd. (CSPL), in connection with the alleged ₹6,210.72 crore money laundering and bank loan fraud case. Justices Aravind Kumar and Vipul M. Pancholi heard the matter.
Surekha has been in custody since December 18, 2024 after an Enforcement Directorate investigation into the alleged diversion and laundering of funds connected with Concast Steel. He is challenging a November 14, 2025 Calcutta High Court order that rejected his bail plea. The High Court had found proof to suggest that he was involved in the financial offences.
Concast Steel’s turnover was allegedly inflated so that it could obtain substantial bank credit and funds were diverted through a network of shell companies, the allegations in the case said. This case has credit facilities of ₹6,210.72 crore and the money borrowed by them is alleged to have been siphoned through different entities, the complaint said. These are of course the allegations being brought in the legal arena and the accused is entitled to the presumption of innocence unless proven guilty.
During the Supreme Court hearing, the bench also questioned the Enforcement Directorate about material supporting the case that Surekha might influence the investigation while in custody. The court asked the agency to show what material had been presented before the High Court to demonstrate that a possibility may exist. After the hearing, the bench reserved its order on bail application.
The case has attracted attention because of its size of alleged financial irregularities and the number of entities alleged to be involved. The overall investigation has also resulted in the arrest of former UCO Bank CMD Subodh Kumar Goel, who was arrested by the ED in connection with the same ₹6,210.72 crore loan fraud investigation. Large credit facilities sanctioned to CSPL were subsequently diverted and siphoned off.
The Supreme Court’s decision on Surekha’s bail plea could therefore be a key decision in the PMLA case. But the verdict will not mean the court has given bail or rejected it. The final decision will decide whether Surekha gets relief from the ongoing process.
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