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The Hindu
The Hindu
National
The Hindu Bureau

ABG Shipyard bank loan fraud case | ED carries out raids at 26 premises

ED Mumbai Pune Surat CBI

The Enforcement Directorate (ED) on Tuesday carried out raids at 26 premises linked to ABG Shipyard Limited, one of the largest private shipbuilding companies and is accused of cheating 28 banks to the tune of ₹22,842 crore.

The raids were conducted in Mumbai Pune, Surat and other places under the Prevention of Money Laundering Act.

The ED case is based on an FIR filed by the CBI in February. The preliminary inquiry conducted by it stated that huge amounts taken from banks may have been diverted within India and abroad through over 100 companies.

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