ED freezes Rs 2,747 cr worth of assets of ABG Shipyard in bank fraud case

The ED case has been filed under various Sections of the Prevention of Money Laundering Act (PMLA) after the investigators studied the CBI complaint and the forensic audit report

Premium

Investigation by the ED revealed ABG Shipyard and Agarwal took credit facilities/loans from a consortium of banks led by ICICI Bank supposedly to meet capital requirements and other business expenses

BS Reporter New Delhi

2 min read Last Updated : Sep 22 2022 | 11:04 PM IST

The Enforcement Directorate (ED) on Thursday froze assets and properties worth more than Rs 2,747 crore owned by ABG Shipyard, its group companies, and other related entities. These include agricultural lands, dockyards, and bank deposits. This was in connection with the ED’s money-laundering probe into what could be the country’s biggest bank fraud.

The move comes a day after the shipping firm’s former chairman Rishi Agrawal was arrested by the Central Bureau of Investigation (CBI). Both the ED and CBI are probing the firm and its promoters for allegedly duping a consortium of 28 banks led by ICICI Bank of Rs 22,842 crore.

The seized properties include shipyards in Surat and Dahej, agricultural lands and plots, commercial and residential premises in Gujarat