New Delhi: The Enforcement Directorate (ED) on Thursday (September 22, 2022) mentioned that it has hooked up belongings price Rs 2,747.69 crore belonging to ABG Shipyard Restricted, its group firms and different associated entities, in a financial institution mortgage fraud case. The hooked up belongings embrace Shipyard at Surat and Dahej situated in Gujarat, agricultural lands and plots, varied industrial and residential premises in Gujarat and Maharashtra and financial institution accounts owned by ABG Shipyard Ltd, the legislation enforcement company mentioned in a press release.
The event comes a day after the CBI arrested the founding father of the corporate Rishi Kamlesh Agarwal.
The ED initiated a cash laundering investigation on the premise of an FIR registered by the Central Bureau of Investigation (CBI), AC-V, Delhi towards ABG Shipyard Restricted and others.
ED has hooked up belongings price Rs. 2747.69 Crore belonging to ABG Shipyard Ltd., its group firms and different associated entities beneath PMLA, 2002 in a financial institution mortgage fraud case.
— ED (@dir_ed) September 22, 2022
The ED probe revealed that ABG Shipyard Ltd and its Chairman & Managing Director Rishi Kamlesh Agarwal availed varied credit score amenities/loans from a consortium of Banks led by ICICI Financial institution on the pretext of assembly its capital necessities and different enterprise bills. ABG Shipyard Ltd, nevertheless, misappropriated the credit score amenities availed from the consortium and diverted the funds for functions aside from its precise trigger within the garb of varied loans/advances/investments, and so on to numerous associated entities integrated in India and overseas.
These alleged unlawful transactions ultimately induced financial loss to the tune of Rs 22,842 crores to the consortium.
ED has traced movable and immovable belongings totaling Rs 2,747.69 crore belonging to ABG Shipyard Ltd, its group firms, Bermaco Vitality Programs Ltd, Dhananjay Datar, Savita Dhananjay Datar, Krishna Gopal Toshniwal, Viren Ahuja and hooked up them beneath the provisions of Prevention of Cash Laundering Act (PMLA), 2002.
Additional investigation is in progress, the probe company mentioned.