ABG Shipyard scam: ED registers case in biggest bank loan fraud case

ABG Shipyard Case: Now the Enforcement Directorate (ED) will also investigate the country’s biggest banking fraud case. Official sources said the Enforcement Directorate (ED) has registered a criminal case of money laundering against ABG Shipyard Ltd., its former promoters along with others in an alleged fraud of over Rs 22,842 crore with a consortium of banks. This step has been taken after the ED registered an FIR on behalf of the Central Bureau of Investigation (CBI).

Sources said that after going through the CBI complaint and the forensic audit report, the ED has registered a case under various sections of the Prevention of Money Laundering Act (PMLA).

Sources said the Enforcement Directorate (ED) will specifically look into the alleged “misappropriation” of bank loans, formation of shell companies to launder people’s money and the role of company officials and others.

The CBI has registered a case against ABG Shipyard Limited and its then Chairman and Managing Director Rishi Kamlesh Agarwal along with others in the case.

Let us inform that on Tuesday, the CBI had issued a look out circular against the 5 accused in the scam. That is, these accused cannot leave the country now. The agency has said that after the registration of the case, when raids were conducted at 13 places, all these accused were found inside the country.

According to the CBI, this scam is from the year 2005 to 2012. The central agency has said that even with the withdrawal of general consent from the CBI probe by some states, the CBI is finding it difficult to register many important cases and doing so is a big challenge for it. Some states including Maharashtra have withdrawn the general consent from the CBI investigation.

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