ABG Shipyard fraud case: ED conducts raids in Mumbai, Pune, Surat
ABG Shipyard fraud case: As many as 24 locations are being searched in these cities by ED
PremiumThe Enforcement Directorate (ED) today raided multiple premises in Mumbai, Pune and Surat in connection with a money laundering probe against ABG Shipyard Ltd, news agency ANI reported.
As many as 24 locations are being searched in these cities by the federal agency
“Enforcement Directorate conducts raids at 24 locations in Mumbai, Pune & Surat in ABG Shipyard bank loan fraud money laundering case. Raids are covering offices & residency of promoter Rishi Kamlesh Agarwal: ED Official," ANI tweeted.
Touted as the biggest bank fraud case, the CBI had booked ABG Shipyard Ltd and its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks on February 14, 2022.
As many as 27 banks and financial entities were engaged in the consortium lending to ABGSL at the time of loan arrangement, including the erstwhile banks: Oriental Bank of Commerce (OBC), Syndicate Bank, Dena Bank, Andhra Bank and Laxmi Vilas Bank.
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