ABG Shipyard fraud case: ED may issue summons post forensic report, say sources

Enforcement Directorate (ED) may issue summons in the ABG Shipyard fraud case after examining the forensic audit report submitted in January 2019. The forensic audit conducted by the auditor showed diversion and misappropriation of funds, and criminal breach of trust. "We have asked for the forensic report, and also a report by the company auditor, today," shared a source on the condition of anonymity.

The Central Bureau of Investigation (CBI) has also shared details with ED on the documents that they have seized in the case. Sources say that the CBI is already examining the documents seized during the raids and will share further information with the ED as well.

ED on Wednesday had registered a money laundering case against Gujarat-based shipping firm ABG Shipyard and its directors in connection with over Rs 22,800 crore loan default by the company. The enforcement case information report (ECIR) names erstwhile management, including the then chairman and managing director of ABG Shipyard, Rishi Kamlesh Agarwal and others for their alleged involvement in diversion of funds.  

"Cannot comment on when summons will be issued. We will examine the report, and accordingly take a call," added the source. 

CBI in a statement added that, several incriminating documents, such as books of accounts of the accused borrower company, purchase and sales details, minutes of meetings of the board, share registers, various contract files, etc. were recovered which are being scrutinised currently.