ABG Shipyard fraud case: All that has happened
India Today
The CBI has booked ABG Shipyard Ltd and its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks led by State Bank of India (SBI) of over Rs 22,842 crore.
From once upon a time, India's largest private shipyard firm to a debt-ridden defaulter, ABG Shipyard has been in the news for all the wrong reasons. In the country's biggest-ever bank fraud case, the Central Bureau of Investigation (CBI) has booked the Gujarat-based facility for defrauding 28 banks to the tune of more than Rs 22,800 crore.
ABG SHIPYARD
ABG Shipyard Limited (ABGSL) was incorporated on March 15, 1985. It had a registered office in Gujarat’s Ahmedabad. ABGSL is the flagship company of the ABG Group and is engaged in the business of shipbuilding and ship repair.
Promoted by Rishi Agarwal, ABG Group has been a major player in the Indian shipbuilding industry. Their ship-yards are located at Dahej and Surat in Gujarat.
RISE OF ABG SHIPYARD
According to information accessed by India Today, ABGSL has constructed more than 165 vessels, including 46 for the export market in the last 16 years.
ABGSL has been able to construct specialised vessels like newsprint carriers, self-discharging and loading bulk cement carriers, floating cranes, interceptor boats, dynamic positioning diving support vessels, pusher tugs and flotilla for leading companies in India and abroad.
