ED's adventure in Maharashtra including Gujarat

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ED's adventure in Maharashtra including Gujarat

Mumbai : The Directorate of Enforcement (ED) has raided 26 locations of ABG Shipyard and its directors in Maharashtra and Gujarat in connection with a money laundering case involving ABG Shipyard Bank fraud. It is believed to be the largest banking scam in the country worth over Rs 22,000 crore. The company had borrowed from 28 banks. The CBI had registered a case in this regard.

ABG Shipyard and its directors Rishi Agarwal, Santhanam Muthuswamy and Ashwini Agarwal have defrauded banks to the tune of over Rs 22,000 crore, according to the Central Bureau of Investigation. ABG Shipyard and its flagship company are engaged in the business of building and repairing ships, with the company's shipyards at Dahej and Surat in Gujarat. According to SBI's complaint, the company had borrowed Rs 2,925 crore from the bank. The arrears are said to be Rs 7089 crore from ICICI, Rs 3634 crore from IDBI, Rs 1614 crore from Bank of Baroda, Rs 1244 crore from PNB and Rs 1228 crore from IOB Bank. ABG Shipyard Limited is the flagship company of ABG Group. The company manufactures and repairs ships at Dahej and Surat in Gujarat. ABG Shipyard Limited was established in 1985 and has built more than 165 ships so far. However, India's one-time largest private shipyard company is now in debt.

According to the SBI, the company has borrowed Rs 2,925 crore from the bank, Rs 7,089 crore from ICICI Bank, Rs 3,634 crore from IDBI Bank, Rs 1,614 crore from Bank of Baroda, Rs 1,244 crore from Punjab National Bank and Rs 1,228 crore from Indian Overseas Bank. However, the complaint alleges that it was used in other places without cost for the purpose for which it was shown. The company was sanctioned credit facilities by 28 banks and financial institutions with SBI exposure of Rs 2,468.51 crore. Is. These include diversion of capital, irregularities, breach of criminal trust and use of money taken from banks for other purposes than for the original purpose. The audit revealed that between 2012 and 2017, the accused were accused of misappropriation of funds and illegal activities.