On August 30, 2023, the Directorate of Enforcement (ED) arrested Abhay Narendra Lodha, Promoter and Managing Director of M/s Topworth Steels and Power Pvt. Ltd. (TSPPL) and Topworth Group. The Hon’ble PMLA Court in Mumbai has granted the ED custody of Abhay Narendra Lodha until September 8, 2023.
On the basis of an FIR lodged by the CBI, BS & FB, Mumbai, the ED launched an inquiry under the Prevention of Money Laundering Act, 2002 against M/s Topworth Steels and Power Pvt. Ltd., Abhay Narendra Lodha & Others.
Searches were carried out at 12 different places in Mumbai, Pune, New Delhi, Nagpur, and Durg. During the searches, details about the ownership of several immovable assets and corporations (not before disclosed) were discovered. Foreign currency from various countries having a current worth of more than Rs. 7 lakhs, as well as many other incriminating papers and media, have been recovered. Details about shell entities managed by Abhay Lodha were also obtained.
According to an ED investigation, in addition to causing wrongful loss to IDBI bank in the amount of Rs 63.10 Crore by committing fraud in the credit facility of the Letter of Credit / Trade Credit Bank Guarantee (LC/ TCBG) from 2014-15 to 2016-17, the Topworth group of companies controlled by Abhay Narendra Lodha generated proceeds of crime in the amount of Rs 3000 Crore through the Topworth group and its connected entities. More research is being conducted.
