Money Laundering Case Against Shipping Firm In India's Biggest Loan Scam
NDTV
ABG Shipyard and its former directors -- Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar - have been accused of defrauding 28 banks out of Rs 22,842 crore.
A money laundering investigation has been started into the against ABG Shipyard Ltd and its former promoters by the Enforcement Department (ED), in connection with the fraud case by the Central Bureau of Investigation, sources said.
ABG Shipyard and its former directors -- Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar - have been accused of defrauding 28 banks out of Rs 22,842 crore.
The ED will look into the alleged "diversion" of bank loan funds, the creation of shell firms to launder the public money and the role of the company executives in this, sources said.
The ABG Shipyard is the flagship company of the ABG Group which is engaged in shipbuilding and ship repair. The shipyards are located in Dahej and Surat in Gujarat.
