On November 24, 2023, the Directorate of Enforcement (ED) searched seven premises in Mumbai, Delhi, and Pune in accordance with the Prevention of Money Laundering Act (PMLA), 2002, in relation to ABG Shipyard Limited and others. The searches of the homes of individuals and families connected to ABG Shipyard Ltd. and its affiliated enterprises yielded the recovery and confiscation of unaccounted cash, jewellery, and bullion valued at around Rs. 5 crore.
Based on an FIR filed by the CBI in New Delhi against ABG Shipyard Ltd. and others for allegedly causing losses of Rs. 22,842 crore to a group of banks headed by ICICI Bank, the ED started an inquiry.
ABG Shipyard Ltd. and its group firms used a variety of credit/loan facilities from the group of banks headed by ICICI Bank for working capital requirements, capital expenditures, LC & BG, etc., according to an ED probe. Nevertheless, via a number of group businesses registered in India and outside, ABG Shipyard Ltd. and its affiliates have diverted large sums of money for uses other than those for which they were intended.
Properties valued at around Rs. 2747.69 crore have been provisionally attached as a consequence of the ED probe thus far. The ED has also filed a prosecution complaint for money laundering offences before the Ld. PMLA Court.
Following searches, an estimated Rs. 5 crore worth of unaccounted-for Indian currency, foreign currency, bullion, and jewellery were found and seized. The amount of Indian currency recovered was Rs. 85 lakh; the foreign currency was equivalent to INR 46.85 lakh; the bullion, or gold and silver coins, was worth Rs. 86.52 lakh; and the jewellery, worth Rs. 2.83 crore. Additionally, a number of items and papers that implicate have been taken. Additional research is currently being conducted.
