ABG Shipyard Scam: ED raids 26 locations in many cities including Mumbai, Pune
Mumbai, 26th April 2022: Enforcement Directorate’s action in ABG Shipyard scam case continues. ED has conducted raids in many cities including Mumbai, Surat, and Pune in the case related to money laundering.
ABG Shipyard, one of the largest shipbuilding companies, has been accused of fraud of Rs 22,842 crore in 28 banks. It is reported that these raids are going on under the Prevention of Money Laundering Act (PMLA). The ED has taken this action against ABG Shipyard, associate companies and officials.
The ED had registered a money laundering case in February on the basis of the CBI FIR. Initial investigation revealed that the money taken from the bank was sent to India and abroad. It was revealed in the investigation that this was done through 100 shell companies.
The CBI has accused ABG of defrauding a consortium of 28 banks led by ICICI Bank to the tune of Rs 22,842 crore. The biggest amount during this period is ICICI (Rs 7,089 crores). It is followed by IDBI (Rs 3,639 crore), SBI (Rs 2,925 crore), Bank of Baroda (Rs 1,614 crore) and Punjab National Bank (Rs 1,224 crore).
The CBI and the ED have named former ABG chairman and MD Rishi Kamlesh Agarwal and other directors as accused. Earlier, on February 12, the CBI had also conducted raids in different cities. The forensic audit conducted in the year 2018 revealed that between April 2012 and July 2017, the accused had hatched a conspiracy and carried out several illegal activities, including misappropriation of funds.
