In connection with India’s biggest bank fraud case, the Enforcement Directorate (ED) conducted searches at over two dozen locations linked to ABG Shipyard Limited and its top executives in Mumbai, Pune, and Surat, according to sources.
ABG Shipyard is one of the largest private shipyards in India. The ED is investigating the company for allegedly defrauding 28 banks to the tune of Rs 22,842 crore. According to sources, the ED searched the residences of then directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar, as well as places connected to the firm. The ED is investigating one of the biggest bank fraud cases it has ever seen.
The forensic audit report revealed that from April 2012 to July 2017, the accused colluded with each other and committed illegal actions such as diversion of funds, misappropriation, and criminal breach of trust, according to the FIR filed on the complaint of State Bank of India (SBI). The CBI, on the other hand, claims that the majority of the fraud occurred between 2005 and 2013, when the UPA was in power.
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