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The Enforcement Directorate has attached the properties of ABG Shipyard worth Rs. 2,747 crores in a money laundering case, The attached properties included shipyards at Surat and Dahej (Gujarat), agricultural lands and plots, residential and commercial plots, and bank deposits.
The Chairman and Managing Director of ABG Shipyard, Rishi Kamlesh was arrested by the CBI on Wednesday i.e 21st September 2022 for allegedly cheating a consortium of banks led by State Bank of India of over ₹22,842 crore
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An FIR was filed by the CBI against the former promoters of the shipbuilding company on 7th February 2022, and since then the ED has been investigating this money laundering case.
CBI registered an FIR in February 2022 on the receipt of the complaint by the bank.
In the FIR, CBI has named CMD and some others that include names of the executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, and another company ABG International Pvt Ltd for alleged offenses of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act.
“The company was sanctioned credit facilities from 28 banks and financial institutions led by ICICI Bank with the SBI having exposure of ₹2,468.51 crores,” the officials from the CBI said in a statement.
Why did ABG Shipyard fail??
ABG Shipyard which was making profits until March 2013, became a defaulter the very next year due to the downturn in the global shipping industry and the global financial crisis.
Consequently, NCLT ordered the liquidation of the company on April 25, 2019, under section 33 of the Insolvency and Bankruptcy Code, 2015.
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