New Delhi: The Enforcement Directorate (ED) on Tuesday carried out raids at 26 premises linked to ABG Shipyard Ltd in connection with a money laundering probe against the shipbuilding company.
ABG Shipyard is accused of cheating a consortium of 28 banks led by ICICI Bank. The ED had filed a money laundering case in February after studying a CBI FIR (case) against the former promoters of the ship building company.
The CBI has already questioned several office-bearers of the company, including its promoter Rishi Agarwal, and found that ABG used 98 related companies for the routing of funds.
This is not the first time that ABG Group has come under the ED scanner. In 2019, the agency attached assets to the tune of Rs 963 crore belonging to a cement manufacturing subsidiary of the group in connection with its money laundering probe into the affairs of IL&FS.
