Tag: Abhay Narendra Lodha

Abhay Narendra Lodha, promoter and Managing Director of a Mumbai-based steel and power company Topworth Group, was arrested on Thursday by the Enforcement Directorate in a case of laundering bank money.The ED investigation allegedly revealed that in addition to causing wrongful loss of ₹63.10 crore to IDBI bank by committing fraud in the credit facility availed through Letter of Credit/Trade Credit Bank Guarantee (LC/TCBG) during 2014-15 to 2016-17, the Topworth group of companies also generated proceeds of crime to the tune ₹3,000 crore through its connected entities.Searches, said...