On Saturday, CBI had booked ABG Shipyard Ltd along with other members for evading a group of banks led by SBI of around INR 22,842 crore. It is one of the most significant bank fraud cases.

The Ex-Chairman and Managing Director Rishi Kamlesh Agarwal and Directors Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, the then Executive Director Santhanam Muthaswamy, and another company ABG International Pvt Ltd, were booked.

The officials booked the company for criminal conspiracy, criminal breach of trust, and abuse of official position under the IPC and the Prevention of Corruption Act.

bank fraud case CBI
(Representative Image)

CBI filed the first complaint on November 8, 2019. After that, CBI looked for some clarifications on March 12, 2020.

After investigating the complaint for a year, the CBI filed an FIR on February 7, 2020. As per officials, 28 banks and financial institutions sanctioned credit facilities to the company. SBI is one of the 28, which approved around INR 2468.51 crore, the CBI said.

As per CBI, the forensic audit between 2012-17 showed that the company had done illegal activities like diversion of funds, criminal breach of trust, and misappropriation. They also said it is one of CBI’s biggest bank fraud cases. (Source: The Tribune)

CBI confirmed that the funds were used for various purposes other than the proposed use from the audit and further investigations.

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