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Cbi Grills Former Abg Shipyard Cmd Rishi Agarwal


Former ABG Shipyard Chairman and Managing Director Rishi Agarwal has been questioned by the CBI in connection with the investigation into the alleged bank fraud of Rs 22,848 crore, sources have told CNBC-TV18.

The case is the largest such case reported by the Central Bureau of Investigation to date. In five years, between 2012 and 2017, the Gujarat-based shipbuilding company allegedly defrauded 28 banks.

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On February 15, the CBI had issued a surveillance circular against Agarwal and others involved in the case to prevent them from leaving the country. The agency also named then-executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia, and ABG International for alleged offenses of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code. (IPC) and the Prevention of Corruption Act, they said.

Sources told CNBC-TV18 that the office interviewed Agarwal on Wednesday or Tuesday. The CBI began its investigations after registering an FIR on February 7 on an SBI complaint dated August 25, 2020. The SBI had filed its first complaint on November 8, 2019, on which the CBI sought clarification on March 12, 2020.

The CBI raided various locations, including offices and directors’ residences in Surat, Bharuch, Mumbai and Pune, on February 12 and 13, which led to the recovery of incriminating documents, according to the agency’s statement. ‘investigation.

ABG Shipyard has been sanctioned with credit facilities from 28 banks and financial institutions led by ICICI Bank, with the SBI having an exposure of Rs 2,468.51 crore, according to reports.

The troubled shipping company owes Rs 7,089 crore to ICICI Bank, Rs 2,925 crore to SBI, Rs 3,639 crore to IDBI Bank, Rs 1,614 crore to Bank of Baroda, Rs 1,244 crore to Punjab National Bank, Rs 1,327 crore at Exim Bank, Rs 1,244 crore at Indian Overseas Bank and Rs 719 crore at Bank of India. Apart from this, ABGSL also owes small amounts to other banks

(Edited by : Amrita Das)

First post: STI


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