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ABG Shipyard
The CBI on Saturday filed a charge sheet against former ABG group chairman Rishi Agarwal and other individuals and entities in connection with the alleged Rs 22,842-crore bank fraud in the ABG Shipyard Ltd, officials said on Saturday. In its charge sheet filed before the special CBI court here, the agency has named as accused Agarwal and five individuals and 19 companies including three Singapore-based firms, they said. The 25 against whom the charge sheet has been filed include a Mumbai-based private company; its chairman & promoter; then chief financial officer of the said company; then vice president (accounts); then assistant vice president (accounts); another person handling the group's offshore entities; then statutory auditor of the company and 18 other entities (India-based companies/firms & offshore entities) in an ongoing investigation of a case related to the alleged fraud of Rs 22,842 crore (approx). The agency has so far detected alleged diversion of Rs 5,000 ...
The ED on Thursday said it has attached dockyards, agricultural lands, commercial properties and bank deposits worth more than Rs 2,747 crore as part of an alleged bank loan fraud linked money laundering investigation against ABG Shipyard Ltd, its group companies and linked entities. The seized properties include shipyards located at Surat and Dahej in Gujarat, agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra and bank accounts owned by ABG Shipyard Ltd., its group companies and other related entities, the federal agency said in a statement. The total value of the provisionally attached assets, under the Prevention of Money Laundering (Act), is Rs 2,747.69 crore. The Enforcement Directorate action comes a day after the CBI arrested the founder of the company Rishi Kamlesh Agarwal. Probe found that the ABG Shipyard Ltd. and its Chairman & Managing Director Agarwal availed various credit facilities/loans from consortium of Banks led
The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, on Wednesday in connection with an alleged bank fraud of more than Rs 22,842 crore, officials said. The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the company, and others for the alleged offences 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. The company was sanctioned credit facilities from 28 banks and financial institutions led by the ICICI Bank, with the State Bank of India (SBI) having an exposure of Rs 2,468.51 crore, the officials said. A forensic audit by Ernst and Young has shown that between 2012 and 2017, the accused colluded with each other and committed illegal activities, including diversion and misappropriation of funds and criminal breach of trust. The funds were used for purposes other than for which they were released by
The government on Tuesday said investigations in the ABG Shipyard case were delayed because some state governments including Maharashtra had withdrawn the agency's power to probe and their approval for the case came much later. Replying to a query in Rajya Sabha, Finance Minister Nirmala Sitharaman said there was no delay by the Centre in taking action after identification of fraud by the State Bank of India following the forensic report from Ernst & Young. The minister also took a dig at the previous UPA government and said eight times money was given to ABG Shipyard, a company that was going through restructuring. "There was not one credit enhancement after 2014," she said, adding it is the "biggest fraud perpetrated". Sitharaman's reply came in support of Minister of State for Finance Bhagwat Karad, who was replying to a question from SP member Sukhram Singh Yadav, over delay in the CBI investigations in the ABG Shipyard matter. Yadav also wanted to know the action taken ...