• India CSR Awards 2025
  • Guest Posts
Friday, September 26, 2025
India CSR
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
India CSR
No Result
View All Result
India CSR Awards
ADVERTISEMENT
Home Business

ED raids premises linked to ABG Shipyard in Rs 22,800 cr money laundering case

A report by the Serious Fraud Investigation Office (SFIO) had found several lapses in 13 loans of around Rs 1,080 crore granted by IFIN since 2010 to ABG Group.

India CSR by India CSR
April 30, 2022
in Business
Reading Time: 3 mins read
India CSR
Share Share Share Share

Enforcement Directorate (ED) on Tuesday launched searches at premises associated with Gujarat-based shipping company ABG Shipyard and its directors in connection with an alleged money-laundering case, said officials. Sources said the raids are being conducted at multiple locations in Mumbai, Pune and Surat.

The case pertains to alleged bank loan fraud to the tune of over Rs 22,800 crore by the company.

The ED case is based on a first information report (FIR) registered by the Central Bureau of Investigation (CBI) on February 7 where it alleged that the company diverted loans handed to it by a consortium of 28 banks and used its sister concerns to round-trip funds and service other loans instead of using them for the purpose they were taken.

The CBI has already questioned several office-bearers of the company, including its promoter Rishi Agarwal, and found that ABG used 98 related companies for the routing of funds, which ED officials say point towards money laundering.

The ED has the power to attach the assets of companies and individuals involved in money laundering.

This is not the first time that ABG Group has come under the ED scanner. In 2019, the agency attached assets to the tune of Rs 963 crore belonging to a cement manufacturing subsidiary of the group in connection with its money laundering probe into the affairs of IL&FS.

As reported by the Indian Express, the ED probe had found that third-party lending by IFIN — the non-banking financial arm of the IL&FS Group — to companies like the ABG Group had caused a loss of Rs 2,000 crore to IFIN.

Earlier, a report by the Serious Fraud Investigation Office (SFIO) had found several lapses in 13 loans of around Rs 1,080 crore granted by IFIN since 2010 to ABG Group.

The probe agency had termed a few of these transactions as an “evergreening exercise”, where ABG Group used some money borrowed from IFIN to prevent its accounts from turning into non-performing assets (NPAs).

The SFIO report said that, in 2017, the Reserve Bank of India (RBI) in its report on IFIN for fiscal 2015 had red-flagged insufficient security cover in terms of exposure to ABG International, and its group firm Onaway Industries.

However, it was only in September 2018 that IFIN classified its loan to ABG Shipyard as an NPA.

In the case of State Bank of India, the primary complainant against ABG Shipyard in the FIR registered by CBI, a similar delay has been flagged.

While the loan sanctioned to the company turned NPA in 2013 and a debt-restructuring effort failed to revive it leading to a second NPA declaration in 2016, a complaint of fraud by the company was made to the CBI only in 2019.

The agency, which received a second complaint in August 2020, registered the FIR this year. (Source: Indian Express)

CSR Leadership Summit
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT
Source: India CSR I 30 April 2022
Tags: ABG Shipyard LimitedEnforcement Directorate (ED)

India CSR offers strategic corporate outreach opportunities to amplify your brand’s CSR, Sustainability, and ESG success stories.

📩 Contact us at: biz@indiacsr.in

Let’s collaborate to amplify your brand’s impact in the CSR and ESG ecosystem.

India CSR

India CSR

India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

Related Posts

Ratan Jindal Steers Jindal Stainless to FY25 Glory Amid Global Storms
Business

Ratan Jindal Steers Jindal Stainless to FY25 Glory Amid Global Storms

20 hours ago
Anhad India Steps into Bihar with Next-Gen Digital Health Clinics
Business

Anhad India Steps into Bihar with Next-Gen Digital Health Clinics

2 days ago
India CSR
Business

EPFO Adds 21.04 Lakh Net Members in July 2025 (+5.55% YoY)

3 days ago
Employer
Business

Top Employer of Record Providers in India: A Guide for Global Businesses

4 days ago
Samvardhana Motherson International
Business

Samvardhana Motherson International FY25 Results: Revenue Jumps 15% to Rs 1,13,662 Crore, Net Profit Soars 40%

7 days ago
SBI Calls Rs. 31,580 Cr RCom Loan Fraud, Names Anil Ambani
Business

The Case Against Anil Ambani and Rana Kapoor: Unraveling the Yes Bank Fraud Scandal

7 days ago
Load More
16th CSR Leadership Summit 2025
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT

LATEST NEWS

Chhattisgarh Gets New Chief Secretary, Vikas Sheel to Take Charge

RBI Mandates Two-Factor Authentication for Digital Payments: Guidelines Effective April 2026

Future Of Smart Kitchens: How The Oven Toaster Griller Fits In

Raigarh Agroha Steel Plant Accident: 19-Year-Old Worker Dies

अग्रोहा स्टील प्लांट हादसा: गर्म राख गिरने से 19 वर्षीय मजदूर की दर्दनाक मौत

Hindustan Zinc Boosts Efficiency and Cuts Downtime with AI Technology

TOP NEWS

RBI’s Variable Rate Repo Auction Sees ₹21,151 Crore Allotment at 5.51%

Apple Expands Restore Fund With Redwood Forest Project in California

Hindustan Zinc Boosts Efficiency and Cuts Downtime with AI Technology

CSR: Titan Company Advances Water Conservation Efforts in Tamil Nadu

RBI Injecting ₹1 Lakh Crore into Banking System on September 22

JSW MG Motor India Empowers Women, 80% Workforce in Battery Shop

Load More
STEM Learning STEM Learning STEM Learning
ADVERTISEMENT

Advertisement

Image Slider
content writing services Guest Post Top 5 Reasons to have Sponsored Posts at India CSR – India’s Largest CSR Media

Interviews

Ankit Mathur, Co-founder and CEO of Greenway Grameen Infra
Interviews

Empowering Rural Women in India: An Exclusive Interview with Ankit Mathur, Co-founder and CEO of Greenway Grameen Infra

by India CSR
September 22, 2025

Driving Sustainable Change: How Greenway Grameen Infra Empowers Rural Women Through Clean Energy Solutions

Read moreDetails
Ashish Aggarwal, Chief Administrative Officer and Head of Corporate Responsibility at Cummins India

Driving CSR Impact in India: An Interview with Ashish Aggarwal, Head of Corporate Responsibility, Cummins India

September 18, 2025
Rajani Jalan, Director, CSR & People Relations, mPokket

Driving Impactful CSR at mPokket: An Interview with Rajani Jalan, Director, CSR & People Relations, mPokket

September 16, 2025
Jayatri Dasgupta, CMO of PayNearby and Program Director of Digital Naari

Empowering Rural Women: An Interview with Jayatri Dasgupta, CMO, PayNearby & Program Director, Digital Naari

August 27, 2025
Load More
Facebook Twitter Youtube LinkedIn Instagram
India CSR Logo

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium services, we invite you to partner with us.

Follow us on social media:


Dear Valued Reader

India CSR is a free media platform that provides up-to-date information on CSR, Sustainability, ESG, and SDGs. We need reader support to continue delivering honest news. Donations of any amount are appreciated.

Help save India CSR.

Donate Now

Donate at India CSR

  • About India CSR
  • Team
  • India CSR Awards 2025
  • Partnership
  • Guest Posts
  • Services
  • Content Writing Services
  • Business Information
  • Contact
  • Privacy Policy
  • Terms of Use
  • Donate

Copyright © 2025 - India CSR | All Rights Reserved

No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers

Copyright © 2025 - India CSR | All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.