After the Central Bureau of Investigation (CBI) booked Gujarat-based private shipping firm ABG Shipyard Ltd, owned by Rishi Agarwal, for loan fraud, the Enforcement Directorate (ED) is poised launch to money-laundering investigations against the erstwhile management and directors under the Prevention of Money Laundering Laws (PMLA) for allegedly diverting “significant funds” out of the total around Rs 23,000 crore fraud amount.

 

The investigative agency is likely to register an enforcement case information report (ECIR) this week for flouting anti-money laundering law provisions, ET reported citing an unnamed senior official with knowledge of the matter as saying.

 

The financial daily quoted the official as saying, “A team of senior officials in Delhi are working closely with officials at Mumbai, Gujarat and Pune. They are in process of collating information from all agencies, forensic audit and other incriminating evidence.”

 

The ED is primarily concentrating on loan amount by ABG Shipyard to its related parties and subsequent adjustment entries. Also, it would investigate the trail of large investments made in its foreign subsidiary and whether the money was sent to some overseas tax havens.

 

Last week the CBI booked ABG Shipyard Ltd and its then chairman and MD Agarwal along with others for allegedly cheating a consortium of banks led by State Bank of India of over Rs 22,842 crore.