The Enforcement Directorate (ED) on Tuesday raided multiple premises in Mumbai, Pune and Surat in connection with a money laundering probe against ABG Shipyard Ltd in an alleged Rs 22,842 crore bank loan fraud case, officials said. As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act (PMLA), they said.
The ED had filed a money laundering case in February after studying a CBI FIR against the former promoters of the ship-building company. The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of 28 banks of over Rs 22,842 crore.
It had also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
The CBI has accused ABG of cheating a consortium of 28 banks led by ICICI Bank of ₹22,842 crore, with ICICI having the highest exposure of ₹7,089 crore, followed by IDBI Bank ( ₹3,639 crore), State Bank of India ( ₹2,925 crore), Bank of Baroda ( ₹1,614 crore) and Punjab National Bank ( ₹1,244 crore), as per a Hindustan Times report.
In view of the seriousness of the matter, an application was made to the CBI by 28 banks under the leadership of State Bank of India and the State Bank official as the main complainant against the accused and his company.
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