ED conducts raids at multiple locations in connection with ABG Shipyard bank loan fraud case
Apr 26, 2022
New Delhi [India], April 26 : The Enforcement Directorate (ED) on Tuesday carried out searches at various locations in Mumbai, Pune and Surat linked to Rs 22,842 crore bank loan fraud investigation against the ABG Shipyard Ltd, official sources said.
The federal agency is learned to have conducted raids on over two dozen premises in these cities under the Prevention of Money Laundering Act (PMLA).
The ED has been probing a money laundering case since February this year based on a First Information Report (FIR) already filed by the Central Bureau of Investigation (CBI) against the former promoters of the shipbuilding 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.
In its FIR, the CBI has named Santhanam Muthaswamy, then Executive Director of ABG Shipyard Ltd, Directors Ashwini Kumar, Sushil Kumar Agarwal, and Ravi Vimal Nevetia.
The CBI FIR also named 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.
