ED Seizes ABC Shipyard's Assets Worth Rs 2748 Crore
The Enforcement Directorate (ED) has attached assets worth Rs 2,747.69 crore in the ABG Shipyard Limited case. The attached properties include shipyards, agricultural land and plots in Surat and Dahej located in Gujarat, and various commercial and residential complexes in Gujarat and Maharashtra. This information has been shared by the Central Investigation Agency on Wednesday. The ED has also said that bank accounts owned by ABG Shipyard Limited and group companies and other related entities have also been searched.
The ED investigation revealed that ABG Shipyard Ltd and its chairman and managing director Rishi Kamlesh Agarwal availed various credit facilities and loans from a consortium including ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses but ABG Shipyard misappropriated the credit facilities availed from the consortium.
The company diverted the funds for purposes other than the mentioned cause to various related entities incorporated in India and abroad, which eventually caused a monetary loss of over Rs. 22,842 crores to the consortium.
Besides this, the Enforcement Directorate has also attached properties worth Rs 147.81 crore of real estate company Gupta Builders and Promoters Private Limited (GBPPL), its directors, and their associates under the Prevention of Money Laundering Act (PMLA) 2002.