Bank loan

India News | ED Raids in ABG Shipyard Money Laundering and Bank Loan Fraud Case Coverage: Cong

New Delhi, April 27 (PTI) Congress on Wednesday said the ED raids in a money laundering investigation against ABG Shipyard Limited were a “cover up”, alleging the action against the accused had been delayed and now people are deceived by such moves.

The Law Enforcement (ED) Directorate raided several premises in Mumbai, Pune and Surat on Tuesday as part of its money laundering investigation against ABG Shipyard Limited in a bank loan fraud case of Rs 22,842 crore, officials said.

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Addressing a press conference, Congress spokesman Pawan Khera said: “ED’s action against Rishi Aggarwal (former managing director of ABG Shipyard) has started now, even though a letter was written to the CBI in 2019 about this point of this ED action now?”

“This cover-up is made to say that the government took action. But when did the government take action? First it facilitated the escape of the accused, then it tries to deceive us by this action,” Khera said. mentioned.

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The ED raids were carried out to gather financial documents and related information about the company and its former promoters and related persons, officials said.

The ED had filed the money laundering case in February after investigating an FIR CBI against the shipbuilding company’s former promoters, in addition to a forensic audit report compiled into the group’s operations.

The Central Bureau of Investigation (CBI) had accused ABG Shipyard Limited and its former Chairman and Managing Director Rishi Kamlesh Aggarwal, along with others, of allegedly defrauding a consortium of banks out of more than Rs 22,842 crore.

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