The Enforcement Directorate (ED) seized assets worth Rs 2,747.69 crore from the ABG Shipyard Limited on Thursday in a bank fraud case.
The ED said the assets seized include Shipyards in Surat and Dahej in Gujarat; agricultural lands and parcels, various commercial and residential buildings in Gujarat and Maharashtra; and bank accounts owned by
ABG Shipyard Ltdits group companies and other related entities.
The ED launched a money laundering investigation based on an FIR registered by the Central Research Office (CBI).
Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Chief Executive Officer Rishi Kamlesh AgarwalI made use of various credit facilities from the consortium of banks led by ICICI Bank, Mumbai under the pretense of meeting its capital requirements and other operating expenses, but ABG Shipyard Ltd embezzled the consortium’s credit facilities and diverted the funds for purposes other than the actual cause in the mantle of various loans, advances, investments to various related entities established in India and abroad.
It caused a monetary loss amounting to Rs 22,842 crore for the consortium.
The ED has traced movable and immovable assets totaling Rs 2747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., Dhananjay Datar, Savita Dhananjay Datari, Krishna Gopal Toshniwal, Viren Ahuja and attached under the provisions of the Money Laundering Prevention Act (PMLA).
Further investigation into the case is underway.
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