The Enforcement Directorate (ED) conducted raids at seven sites connected to ABG Shipyard and found undeclared cash, bullion, and jewelry valued at Rs 5 crore. The Central Bureau of inquiry (CBI) filed a formal complaint on February 7, 2022, which served as the basis for the ED’s money laundering inquiry.
Among the confiscated property are jewelry valued at Rs 2.83 crore, gold and silver coins valued at Rs 86.52 lakh, foreign currency valued at Rs 46.85 lakh, and Rs 85 lakh in Indian currency. Along with the assets, items and records that could be used as evidence were also seized.
Under the Prevention of Money Laundering Act (PMLA), agency investigators raided locations in Mumbai, Delhi, and Pune. The operation resulted in the recovery and confiscation of unaccounted assets linked to the business.
ABG Shipyard is accused in the CBI’s FIR of bank fraud totaling Rs 22,842 crore, which resulted in a loss for a group of banks headed by ICICI Bank.
According to the ED’s conclusions, ABG Shipyard Ltd. and the entities in its group used credit and loan facilities for particular objectives such capital expenditures and working capital requirements. Nonetheless, the organization is accused of misappropriating the money through a number of group companies with foreign and Indian incorporations for unclear and unconnected uses. ABG Shipyard is the subject of a chargesheet that the ED has submitted to a PMLA court.
In what was once the largest bank fraud case in Indian history, ABG Shipyard, the country’s largest private shipyard, was charged by the Central Bureau of Investigation (CBI) with cheating 28 banks out of nearly Rs 22,800 crore. The CBI filed charges against the shipping company’s former chairman and managing director, Rishi Kamlesh Agarwal, in February 2022.
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