CBI: Rishi Aggarwal, founder and chairman of ABG Group arrested, a case of 22 thousand crore bank fraud

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The CBI has arrested Rishi Agarwal, founder and chairman of ABG Group, in a Rs 22,000-crore bank fraud case. Let us tell you that 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. So far this company has built 165 ships. By 1991, this company got huge orders from home and abroad, earning huge profits. In 2016, the company suffered a huge loss of more than $550 million, and after that, the condition of ABG Shipyard deteriorated. Citing its financial condition, the company took loans from banks and carried out this biggest scam.

How much loan was taken from which banks?
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.

Money not used in right items
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 first complaint on 8th November 2019
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.

Loan became NPA in 2013
SBI has told that it came to know in 2013 itself that the loan of the company had become NPA. After this, several attempts were made by SBI for loan recovery, but without success.

CBI had raided
After registering the first FIR in the case on February 7, the CBI conducted raids at 13 places on February 12, after which the country’s biggest scam came to the fore.

Lookout notice issued by CBI
The CBI had issued a lookout notice against Rishi Kamlesh Agarwal, former chairman and managing director of ABG Shipyard Company, and eight others. Apart from Rishi Kamlesh Agarwal, the central agency has also booked the then executive director of ABG Shipyard Santhanam Muthaswamy, directors- Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged criminal conspiracy, cheating, criminal breach of trust. and was booked for offenses like official abuse.

UPA era scam
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.

money used here
According to the report, the companies are alleged to have bought 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.

Expansion

The CBI has arrested Rishi Agarwal, founder and chairman of ABG Group, in a Rs 22,000-crore bank fraud case. Let us tell you that 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. So far this company has built 165 ships. By 1991, this company got huge orders from home and abroad, earning huge profits. In 2016, the company suffered a huge loss of more than $550 million, and after that, the condition of ABG Shipyard deteriorated. Citing its financial condition, the company took loans from banks and carried out this biggest scam.

How much loan was taken from which banks?

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.

Money not used in right items

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 first complaint on 8th November 2019

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.

Loan became NPA in 2013

SBI has told that it came to know in 2013 itself that the loan of the company had become NPA. After this, several attempts were made by SBI for loan recovery, but without success.

CBI had raided

After registering the first FIR in the case on February 7, the CBI conducted raids at 13 places on February 12, after which the country’s biggest scam came to the fore.

Lookout notice issued by CBI

The CBI had issued a lookout notice against Rishi Kamlesh Agarwal, former chairman and managing director of ABG Shipyard Company, and eight others. Apart from Rishi Kamlesh Agarwal, the central agency has also booked the then executive director of ABG Shipyard Santhanam Muthaswamy, directors- Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged criminal conspiracy, cheating, criminal breach of trust. and was booked for offenses like official abuse.

UPA era scam

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.

money used here

According to the report, the companies are alleged to have bought 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.

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