ABG Shipyard, a case of bank fraud of Rs 22842 crore

Action: CBI registers case against ABG Shipyard, a case of bank fraud of Rs 22842 crore

CBI Books ABG In 22,842 Crores Bank Fraud: The CBI has taken action in the biggest bank fraud case till date, more than Rs 22,842 crore. The agency has registered a case against ABG Shipyard Limited and its then Chairman and Managing Director Rishi Kamlesh Agarwal among others in this matter.

CBI has registered a case against ABG Shipyard Limited, its Chairman and Managing Director Rishi Agarwal in its biggest bank fraud case. The company and its directors are accused of alleged fraud of Rs 22,842 crore from a consortium of 28 banks led by SBI. This shipyard company of ABG Group in Dahej and Surat in Gujarat is engaged in the construction and repair of water vessels. So far this company has built 165 ships. ABG is accused of allegedly defrauding a consortium of banks led by State Bank of India, officials said on Saturday.

The CBI has also named the then Executive Director Shanthanam Muthuswamy, Directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevatia and another company ABG International Pvt Ltd in the FIR. They have been booked under sections of criminal conspiracy, cheating, breach of trust and abuse of office.

SBI had filed a fraud complaint against the company on November 8, 2019. On which the CBI had sought clarification on 12 March 2020. After this SBI filed a new complaint in August 2020. The CBI has registered a case against the company and its directors on February 7, 2022, after an investigation of about one and a half years.

According to the CBI FIR, an examination of the forensic audit report from April 2012 to July 2017 filed by Ernst & Young LP on January 18, 2019, has revealed that the company through unlawful activities misappropriated bank loans and siphoned off money. .

which bank owes how much

State Bank of India - Rs 2,468.51 crore

ICICI - Rs 7,089 crore

IDBI – Rs 3,634 crore

Bank of Baroda - Rs 1,614 crore

PNB - Rs 1244 crore

IOB - Rs 1,228 crore