ED raids multiple locations in BG Shipyard bank loan fraud case
New Delhi Apr 26 PTI 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 22842 crore bank loan fraud case officials saidAs 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 saidThe ED had filed a money laundering case in February after studying a CBI FIR against the former promoters of the ship building companyThe CBI had bookedABGShipyardLtd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks of over Rs 22842 croreIt had also named the then executive director Santhanam Muthaswamy directors Ashwini Kumar Sushil Kumar Agarwal and Ravi Vimal Nevetia and another companyABGInternational 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 PTI NES DV DV
New Delhi Apr 26 PTI 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 22842 crore bank loan fraud case officials saidAs 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 saidThe ED had filed a money laundering case in February after studying a CBI FIR against the former promoters of the ship building companyThe CBI had bookedABGShipyardLtd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks of over Rs 22842 croreIt had also named the then executive director Santhanam Muthaswamy directors Ashwini Kumar Sushil Kumar Agarwal and Ravi Vimal Nevetia and another companyABGInternational 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 PTI NES DV DV
