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ABG Shipyard chairman Rishi Aggarwal arrested in Rs 22,842 crore fraud case

 (Fast Mail News) --The CBI arrested Rishi Kamlesh Agrawal, Founder-Chairman and Managing Director of ABG Shipyard Limited Company of Surat on Wednesday in connection with the alleged fraud of Rs 22,842 crore from 28 banks. His company was given loans from 28 banks and financial institutions led by ICICI Bank. This also includes a loan of Rs 2,468.51 crore given by the State Bank of India (SBI), on whose complaint the case was first registered against him. Officials said that the owners of the company did not utilize the loan for the purposes for which the banks had given them such a huge loan.

A forensic audit by auditor service provider Ernst & Young revealed that between 2012 and 2017 the accused, in collusion with each other, carried out illegal activities, including misappropriation of funds and criminal breach of trust. Earlier, a case was registered against Rishi Kamlesh Agarwal and eight other associates under the IPC and Prevention of Corruption Act on charges of criminal conspiracy, cheating, criminal breach of trust and abuse of official position. The CBI had issued a lookout notice against all the people.

 

 

 The CBI had first complained in this case on 8 November 2019. After investigating for about one and a half years, the CBI filed the report on February 7, 2022. ICICI and IDBI Bank were among the first to give loans to the company. Though SBI was the largest lender among public sector banks, the complaint was filed by SBI with the CBI.

The company took a loan of Rs 2,925 crore from State 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 had taken loans from a total of 28 banks.

ABG Shipyard Limited was started in the year 1985. This shipyard company of the ABG Group in Dahej and Surat in Gujarat is engaged in the construction and repair of water vessels. The company has so far built 165 ships.

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