New Delhi:
The ED said today that it seized shipyards, farmland, commercial properties and bank deposits worth more than Rs 2,747 crore as part of an alleged bank loan fraud related to money laundering investigation against ABG Shipyard Ltd.
The seized properties include shipyards in Surat and Dahej in Gujarat, agricultural lands and parcels, several commercial and residential buildings in Gujarat and Maharashtra and bank accounts owned by ABG Shipyard Ltd., its group companies and other related entities, the federal agency said in a statement.
The total value of the provisionally seized assets, under the Money Laundering Prevention Act, is Rs 2,747.69 crore.
The action of the Enforcement Directorate comes a day after the CBI arrested company founder Rishi Kamlesh Agarwal.
The money laundering case arises from the FIR submitted by the Central Bureau of Investigation (CBI).
The CBI had registered the case on the basis of a complaint filed by the State Bank of India for alleged offenses of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
The SBI, with an exposure of Rs 2,468.51 crore, was part of a consortium of 28 banks and financial institutions led by the ICICI Bank, CBI officials had said.
ABG shipyard is a major player in the Indian shipbuilding industry and has a capacity to build vessels up to 18,000 Tonnage (DWT) at Surat Shipyard and 1.20,000 DWT at Dahej Shipyard.
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