The Enforcement Directorate (ED) has conducted searches in Delhi, Mumbai and Pune in connection with the ABG Shipyard Limited case involving loans of ₹22,842 crore extended by a consortium of banks.
On Wednesday, the Central agency said the operation led to the seizure of unaccounted cash, bullion and jewellery worth about ₹5 crore. The case is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against ABG Shipyard and others.
According to the ED, ABG Shipyard and its group companies availed themselves of various credit/loan facilities from the consortium of banks led by ICICI Bank for the purpose of working capital requirement and capital expenditure, etc. However, they used huge funds for the purposes other than its stated objectives and diverted the same through various group companies incorporated in India and abroad.
The ED has so far attached properties worth about ₹2,747.69 crore and filed a prosecution complaint alleging money laundering in the case.
