ED attaches Rs 12 cr in assets of Goa shipbuilding firm

THE GOAN NETWORK | MAY 15, 2024, 12:43 AM IST


In a sequel to criminal action by the Central Bureau of Investigation (CBI) against a Goa-based shipbuilding and engineering firm related to a 2004-10 contract from a PSU, the Enforcement Directorate last week attached assets worth Rs 12.20 crore from it.

An ED press release issued on Tuesday said, 35 movable properties including securities, imported machinery and two landing barges, besides four immovable properties were seized and provisionally attached from Goa-based Vipul Shipyard Limited and Vipul Shipping Engineering Limited and their directors under the Prevention of Money Laundering Act, (PMLA), 2002.

The ED investigations were initiated on the basis of a chargesheet filed by the CBI related to a contract given to these firms by Shipping Corporation of India Limited (SCIL) to build six 200-passenger capacity landing barges between 2004-10.

The ED press release further said, the contract was awarded to the two firms without they having bid for the tender and also not possessing the expertise and previous experience to execute it.

"As a result, VSPL Goa, could not construct the landing barges in accordance with the technical specifications (the length of the draft increased from 0.7 meters to one meter) and the speed reduced from 8 knots to 5 knots) thereby not meeting the Buyer's requirements," the ED press release said, adding that further investigations are on.

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