ED arrests MD of Topworth Group Abhay Narendra Lodha in money laundering case
Aug 31, 2023
New Delhi [India], August 31 : The Enforcement Directorate (ED) has arrested Abhay Narendra Lodha, Promoter and Managing Director of Topworth Steels and Power Pvt Ltd (TSPPL) and Topworth Group, in a money laundering case, the agency said on Thursday.
The federal agency arrested Lodha on August 30 under the Prevention of Money Laundering Act (PMLa), and a special court in Mumbai has given custody of the businessman to ED up to September 8.
ED initiated an investigation under the Prevention of Money Laundering Act, 2002 on the basis of the First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Topworth Steels and Power Pvt Ltd Abhay Narendra Lodha and others.
Lodha was arrested after the ED conducted searches at 12 premises of the businessman at various locations in Mumbai, Pune, New Delhi, Nagpur and Durg.
Details of ownership of various immovable properties and companies overseas and within India ( hitherto not declared) were unearthed during the searches, said the ED.
"Foreign currencies of different countries bearing the present value of above Rs 7 lakh along with various other incriminating documents have also been recovered."
Details of shell entities related to controlled by Lodha were also recovered, said the ED.
ED investigation revealed that in addition to causing wrongful loss amounting to Rs
63.10 crore to IDBI bank by committing fraud in the credit facility of the Letter of Credit/ Trade Credit Bank Guarantee ( LC/ TCBG) from 2014-15 to 2016-17, the Topworth group of companies controlled by Lodha had also generated proceeds of crime to the tune Rs 3,000 crore through the Topworth group and its connected entities.
