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  4. ED raids multiple locations in Rs 22,842 crore ABG Shipyard bank loan fraud case

ED raids multiple locations in Rs 22,842 crore ABG Shipyard bank loan fraud case

The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks of over Rs 22,842 crore.

Atul Bhatia Reported by: Atul Bhatia @atul_bhatia1 New Delhi Updated on: April 26, 2022 12:02 IST
Enforcement Directorate, ED, Mumbai, Pune, Surat, money laundering, ABG Shipyard, 22,842 crore bank
Image Source : PTI (FILE IMAGE)

ED raids multiple locations in Rs 22,842 crore ABG Shipyard bank loan fraud case

Highlights

  • ED raided multiple premises in Mumbai, Pune and Surat
  • Raids were conducted in connection with a money laundering probe against ABG Shipyard Ltd
  • ED filed a money laundering case in February after studying a CBI FIR against the former promoters

The Enforcement Directorate (ED) on Tuesday raided multiple premises in Mumbai, Pune and Surat in connection with a money laundering probe against ABG Shipyard Ltd in an alleged Rs 22,842 crore bank loan fraud case. As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act (PMLA). 

Also Read | ED files money laundering case against ABG Shipyard in bank loan fraud of nearly Rs 23,000 crore

The ED had filed a money laundering case in February after studying a CBI FIR against the former promoters of the ship building company. The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks of over Rs 22,842 crore.

It had also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.

Also Read | ABG Shipyards ex-Chairman Agarwal's questioning over, may be called again tomorrow

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