ABG Shipyard Limited Rs. 2747 crore property in Tancho

ED has attached assets worth Rs 2747 crore of ABG Shipyard Limited as part of money laundering probe. The seized is under money laundering probe in the alleged bank loan fraud case. The seized properties include dockyards, agricultural land, commercial properties and bank deposits. The ED has registered a money laundering case against ABG Shipyard, […]
 


ABG Shipyard Limited Rs.  2747 crore property in Tancho

ED has attached assets worth Rs 2747 crore of ABG Shipyard Limited as part of money laundering probe. The seized is under money laundering probe in the alleged bank loan fraud case. The seized properties include dockyards, agricultural land, commercial properties and bank deposits.

The ED has registered a money laundering case against ABG Shipyard, its group companies and its affiliated companies. In a statement, the probe agency said the properties seized in the trench include shipyards, agricultural land and plots located at Surat and Dahej in Gujarat.

In addition, various commercial and residential premises in Gujarat and Maharashtra and bank accounts of ABG Shipyard Limited, its group companies and other affiliated companies are included.

The total value of the property seized under PMLA is Rs 2747.69 crore. It is noteworthy that the ED has taken this action a day after the arrest of the company’s founder Rishi Kamlesh Agarwal by the CBI.

The ED has said that the investigation revealed that ABG Shipyard Ltd and its Chairman and MD Agarwal had taken loans from a consortium of banks led by ICICI Bank, Mumbai.

These loans were taken to meet capital needs and other business expenses. However, the agency has alleged that ABG Shipyard had misused the loan amount and transferred the amount for other purposes in India and abroad. The company has suffered a total loss of Rs 22,842 crore to the banks as the company defaulted on the loan amount.

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