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The Enforcement Directorate (ED) on Tuesday carried out large searches at 26 areas of ABG Shipyard in Mumbai, Pune, and Surat, in reference to its cash laundering probe into what may very well be the nation’s greatest financial institution fraud.
Surat-based ABG Shipyard and its former promoters are accused of duping a consortium of 28 banks to the tune of Rs 22,842 crore.
“About 24 areas at Mumbai and one every in Pune and Surat have been lined, stated an company official with out giving additional particulars. Searches are to be continued on Wednesday, he indicated.
Early this month, the federal company had questioned the transport agency’s former Chairman Rishi Agrawal.
The enforcement company is wanting into the alleged “diversion” of financial institution mortgage funds, the creation of shell companies to launder the general public cash, and the function of the executives of the corporate and others.
The ED case has been filed below numerous sections of the Prevention of Cash Laundering Act (PMLA) after the investigators studied the CBI criticism and the forensic audit report, sources stated.
ABG is accused of dishonest a consortium of 28 banks led by ICICI Financial institution, with ICICI having the best publicity of Rs 7,089 crore, adopted by IDBI Financial institution ( Rs 3,639 crore), State Financial institution of India ( Rs 2,925 crore), Financial institution of Baroda ( Rs 1,614 crore) and Punjab Nationwide Financial institution ( Rs 1,244 crore).
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