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The Enforcement Directorate (ED) on Thursday attached assets worth Rs 2,747.69 crore of the ABG Shipyard Limited in bank fraud case. The ED said that the attached assets include Shipyards in Gujarat's Surat and Dahej; agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra; and bank accounts owned by <keyword id="155095" type="General" weightage="80" keywordseo="abg-shipyard-ltd" source="Orion">ABG Shipyard Ltd</keyword>, its group companies and other related entities. The ED initiated a money laundering investigation on the basis of an FIR registered by the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI). Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> availed various credit facilities from consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses, but ABG Shipyard Ltd misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances, investments to various related entities incorporated in India and abroad. It caused monetary loss to the tune of Rs 22,842 crore to 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., <keyword id="78238" type="General" weightage="80" keywordseo="dhananjay-datar" source="Orion">Dhananjay Datar</keyword>, <keyword id="15057158" type="General" weightage="50" keywordseo="savita-dhananjay-datar" source="Orion">Savita Dhananjay Datar</keyword>, <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword>, <keyword id="1896504" type="General" weightage="80" keywordseo="viren-ahuja" source="Orion">Viren Ahuja</keyword> and attached them under the provisions of Prevention of Money Laundering Act (PMLA). Further investigation in the matter is on. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-microfinance-loan-portfolio-stands-at-3-lakh-crore-with-6-crore-unique-borrowers/articleshow/94375376.cms">India’s microfinance loan portfolio stands at ₹3 lakh crore with 6 crore unique borrowers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-did-the-hot-debate-on-moonlighting-start/slidelist/94374503.cms">How did the hot debate on moonlighting start?</a>

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ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

IANS

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