ED Files Money Laundering Case Against ABG Shipyard

ED files money laundering case against ABG Shipyard, promoters in over ₹22,842- crore alleged bank loan fraud case, reports PTi citing officials.

The action comes days after the CBI registered an FIR in the country’s biggest alleged bank loan fraud case.

The ED case has been filed under various sections of the Prevention of Money Laundering Act (PMLA) after the investigators studied the CBI complaint and the forensic audit report, sources said

The federal agency suspects that money borrowed from banks was used to repay loans and other expenses of group companies, as well as for letters of credit on the lines of Punjab National Bank fraud, official said.

(With inputs from PTI)