Enforcement Directorate (ED) on Wednesday registered a money laundering case against Gujarat-based shipping firm ABG Shipyard and its directors in connection with over Rs 22,800 crore loan default by the company.
The ED case is based on the FIR registered by the CBI on February 7 in which it has alleged that the company diverted loans handed to it by a consortium of 28 banks, and used its sister concerns to round-trip funds and service other loans instead of using them for the purpose they were taken.
Sources said the ED case has named the same accused, including ABG CMD Rishi Agarwal, as in the CBI FIR.
#ABGShipyardFraudCase #ABGFraudCase #EnforcementDirectorate #ED #MoneyLaunderingCase #IndiaToday
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