New Delhi, Feb 16: The ED has registered a criminal case of money laundering against ABG Shipyard Ltd, its former promoters along with others for allegedly cheating a consortium of 28 banks of over Rs 22,842 crore, official sources said on Wednesday.
The action comes days after the CBI registered an FIR in the country’s biggest alleged bank loan fraud case till date.
The ED case has been filed under sections of the Prevention of Money Laundering Act (PMLA) after the investigators studied the CBI complaint and the forensic audit report, the sources said.
They added that the Enforcement Directorate (ED) will specifically look into the charges of alleged “diversion” of bank loan funds, creation of shell firms to launder public money and the role of the executives of the company and others.
Instances of “huge investments” being made in the overseas subsidiary of the company by “diverting” the loans will also form an essential part of the ED probe.
The agency can also move to attach assets of the accused once money laundering and layering of funds is established, they said.
The loans given to the company include categories like CC (cash credit) loan, term loan, letter of credit, bank guarantee etc.
The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal, along with others, for allegedly cheating the consortium of 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. (PTI)
