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HomeBusinessED Raid | ED attaches assets worth Rs 2,747 crore of...

ED Raid | ED attaches assets worth Rs 2,747 crore of ABG Shipyard in money laundering case News WAALI

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ED Raid | ED attaches assets worth Rs 2,747 crore of ABG Shipyard in money laundering case

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New Delhi. The Enforcement Directorate (ED) has attached assets worth Rs 2,747 crore of ABG Shipyard Ltd. The seizure comes as part of a money laundering probe related to the alleged bank loan fraud. The seized properties include dockyards, agricultural land, commercial properties and bank deposits. The ED has registered a money laundering case against ABG Shipyard, its group companies and affiliated companies.

The seized properties include shipyards, agricultural land and plots located at Surat and Dahej in Gujarat, the probe agency said in a statement. Also included are various commercial and residential premises in Gujarat and Maharashtra and bank accounts of ABG Shipyard Limited, its group companies and other affiliated companies.

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The total value of the property seized under the Prevention of Money Laundering Act is Rs 2,747.69 crore. The Enforcement Directorate’s action comes a day after the Central Bureau of Investigation (CBI) arrested the company’s founder Rishi Kamlesh Agarwal. The ED said the probe found that ABG Shipyard Ltd and its Chairman and Managing Director Agarwal took loans from a consortium of banks led by ICICI Bank, Mumbai. This loan was taken to meet capital requirements and other business expenses.

The agency further said that however, ABG Shipyard Limited misused the credit facilities and diverted the money to other places in India and abroad. This was done under the guise of various loans, advances and investments etc. It is alleged that these alleged illegal transactions caused a loss of Rs 22,842 crore to the consortium of banks.

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