On Wednesday, The CBI arrested Rishi Agarwal, founder-chairman of ABG Shipyard Limited, in an alleged bank fraud case of over Rs 22,842 crore. An officer gave information about the arrest of Rishi Aggarwal.
New Delhi: On Wednesday, The CBI arrested Rishi Agarwal, founder-chairman of ABG Shipyard Limited, in an alleged bank fraud case of over Rs 22,842 crore. An officer gave information about the arrest of Rishi Aggarwal.
The Central Bureau of Investigation (CBI) has identified criminal conspiracy, cheating, criminal breach of trust under the Indian Penal Code (IPC) and the Prevention of Corruption Act and had registered a case against former chairman of the company Rishi Agarwal and some others for alleged offenses of abuse of official position, the official said.
According to the State Bank complaint, the company took a loan of Rs 2,925 crore from the bank. Apart from this, loan of Rs 7,089 crore was taken from ICICI Bank, Rs 3,634 crore from IDBI Bank, Rs 1,614 crore from Bank of Baroda, Rs 1,244 crore from Punjab National Bank, Rs 1,228 crore from Indian Overseas Bank. In this way, the company took loans from a total of 28 banks.
SBI said in its complaint that, this money was not used for the items for which the bank had issued it, but it was used for other items.
SBI had made the first complaint in this matter on 8 November 2019. After investigating for more than a year and a half, the CBI registered an FIR in the case on February 7, 2022. SBI also explained why it filed a case on behalf of the consortium of banks. In fact, ICICI and IDBI Bank were the first and second leading lenders in the consortium. However, among the public sector banks, SBI was the largest lender. Therefore it was decided that SBI will file a complaint with the CBI.
According to State Bank, this scam is from the time of the UPA government. In fact, when ABG Shipyard’s loan was declared NPA in 2013, the UPA government was there. The scam happened between 2005 and 2012. In the year 2017, the matter went to the NCLAT.
According to the report, the companies are accused of buying properties worth billions of rupees by sending money received through bank fraud abroad. 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 illegal activities misappropriated bank loans and diverted funds.