ABG Shipyard: ED initiates probe into biggest bank fraud involving ABG Shipyard

ABG Shipyard: BG Shipyard and its executives, who allegedly committed India’s biggest bank fraud, will now be probed by the Enforcement Directorate (ED), sources told India Today.

The ED has filed a case under the Prevention of Money Laundering Act (PMLA) against ABG Shipyard and its top executives for defrauding 28 banks to the tune of Rs 22,842 crore.

ABG Shipyard, which was India’s largest private shipyard firm at one point in time, has been booked by the Central Bureau of Investigation (CBI) for bank fraud.

A total of 28 banks have been defrauded to the tune of Rs 22,842 crore by the accused firm and its executives.