December 12, 2024 21:31 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess | Devendra Fadnavis meets PM Modi amid suspense over Maharashtra portfolio allocation | Congress wants to deviate the issue of Sonia Gandhi-George Soros link: JP Nadda | Bengaluru techie suicide: Atul Subhash's family demanded Rs. 10 lakh as dowry leading to my father's death, claims estranged wife | Syria rebels torch tomb of ousted president Bashar al-Assad's father | Donald Trump vows to eliminate birthright citizenship after taking charge | No alliance with Congress in Delhi polls: AAP chief Arvind Kejriwal
ABG Shipyard

ED files money laundering case against ABG Shipyard Ltd

| @indiablooms | Feb 17, 2022, at 07:06 am

The Enforcement Directorate (ED) has registered a criminal case of money laundering against ABG Shipyard Ltd, its former promoters along with others for cheating a consortium of banks of over Rs 22,842 crore, media reports said.

ED has filed the case under various sections of Prevention of Money Laundering Act (PMLA) after the investigators studied the CBI complaint and the forensic audit report, PTI reported, citing sources.

Earlier on February 7, the Central Bureau of Investigation (CBI) lodged a cheating case against the firm, its promoters and some other people.

The agency will probe alleged "diversion" of bank loan funds, the creation of shell firms to launder the public money and the role of the executives of the company and others.

The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with 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 accused in the ED case are the same, sources said, according to the PTI report.

On Tuesday, CBI issued lookout notices against Rishi Agarwal and other directors of ABG Shipyard so that they are not able to leave the country while the case is investigated.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.