ABG Shipyard fraud: ED attaches property value Rs 2,747 crore in cash laundering probe

The Enforcement Directorate mentioned on Thursday that it has connected property value greater than Rs 2,747 crore in its cash laundering investigation into an alleged financial institution mortgage fraud by ABG Shipyard Limited, its group corporations and linked entities.

The ABG Shipyard case entails an alleged fraud of Rs 22,842 crore. The Central Bureau of Investigation is wanting into the allegations of the fraud itself, whereas the Enforcement Directorate is investigating prices of cash laundering linked to the case.

The property connected by the Enforcement Directorate embody shipyards situated on the cities of Surat and Dahej in Gujarat, plots of agricultural land, varied business and residential premises in Gujarat and Maharashtra and financial institution accounts owned by ABG Shipyard Limited and its affiliate entities, the central company mentioned.

The Enforcement Directorate alleged that the delivery firm misused the loans it took from varied banks by diverting them for “purposes other than its actual cause in the garb of various loans/advances/investments etc” to its varied entities in India and overseas.

The property had been connected a day after the Central Bureau of Investigation arrested Rishi Kamlesh Agarwal, the founding father of the delivery firm.

Agarwal was taken into custody after being known as for questioning on the CBI headquarters in Delhi, PTI reported. He didn’t cooperate within the investigation and gave evasive responses, CBI officers alleged.

The delivery firm, which has constructed greater than 160 vessels, owes non-public financial institution ICICI Rs 7,089 crore, IDBI Bank Rs 3,634 crore, the State Bank of India Rs 2,925 crore and Bank of Baroda Rs 1,614, the CBI had alleged within the first info report it filed in February.

The FIR was registered based mostly on a grievance filed by the State Bank of India in November 2019. Besides Agarwal, the corporate’s former govt director Santhanam Muthaswamy and administrators Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia have additionally been named within the FIR.

The CBI has booked the accused individuals beneath sections of the Indian Penal Code pertaining to dishonest, felony breach of belief and abuse of official place, in addition to beneath provisions of the Prevention of Corruption Act.

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