Topworth Steels and Power MD Abhay Lodha Arrested by ED in Bank Loan Fraud, PMLA
IANS 31 August 2023
The Enforcement Directorate (ED) on Thursday said that it has arrested Abhay Narendra Lodha , promoter and managing director of Topworth Steels and Power Pvt. Ltd. (TSPPL) and the Topworth Group in a bank loan fraud case and allegedly generating iRs 3000 crore through the Topworth group and its connected entities.
The official said that after his arrest he was produced before a special PMLA court in Mumbai which remanded him to the ED's custody till September 8.
The ED initiated a PMLA investigation based on an FIR registered by the CBI, BS & FB, Mumbai against Topworth Steels and Power Pvt. Ltd., Abhay Narendra Lodha and others.
"Searches were conducted at twelve premises at various locations in Mumbai, Pune, New Delhi, Nagpur and Durg. Details of ownership of various immovable properties and companies overseas and within India (hitherto not declared) were unearthed during the searches. Foreign currency of different countries bearing the present value of above Rs 7 lakhs along with various other incriminating documents have also been recovered," the official said.
The official said that details of shell entities controlled by Abhay Lodha were also recovered.
The ED investigation revealed that in addition to causing wrongful loss amounting to Rs 63.10 crore to IDBI bank by committing fraud in the credit facility of the Letter of Credit / Trade Credit Bank Guarantee ( LC/ TCBG) during the period 2014-15 to 2016-17, the Topworth group of companies controlled by Abhay Narendra Lodha also generated proceeds of crime to the tune of Rs 3000 crore through the Topworth group and its connected entities. 
Further investigation into the matter is ongoing.
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