ABG Shipyard fraud case: Look out notice issued against director Rishi Agarwal, others
India Today
The CBI has issued a look out circular against ABG Shipyard’s directors and promoters, who have been charged by the agency for defrauding 28 banks to the tune of over Rs 22,800 crore.
The Central Bureau of Investigation (CBI) on Tuesday issued a look out circular (LoC) against ABG Shipyard’s directors and promoters, who have been charged by the probe agency for committing India’s biggest bank fraud in history.
India Today has learnt that all the border authorities have been asked to apprehend ABG Shipyard’s directors and promoters - Rishi Kamlesh Agarwal, Santhanam Muthaswamy, Ashwani Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia - if they try to leave the country.
A lookout notice is issued against any accused to prevent them from fleeing the country. In a lookout notice, the probe agency informs the international airports authorities, officials of sea ports and security forces at roads bordering with other countries to apprehend the accused if they try to flee the country.
Read | ABG Shipyard fraud case: All that has happened
“The accused have been located in India. Subsequently, look out circulars (LOCs) against the accused have already been opened by CBI. Earlier, State Bank of India had also opened LOCs against the main accused in 2019,” said CBI Spokesperson RC Joshi.
ABG Shipyard, once India’s largest private shipyard firm, has been booked by the CBI for defrauding 28 banks to the tune of over Rs 22,800 crore, the country’s biggest-ever bank fraud case.
The firm, which has supplied, repaired and built ships for the Indian Navy, Coast Guard and hundreds of private ships for many countries, is now being probed for committing the biggest fraud in the history of India. Its fraud surpasses even the infamous Punjab National Bank scam by over Rs 1,000 crore. In the PNB scam, diamond trader Nirav Modi and his uncle Mehul Choksi are accused of siphoning off funds amounting to Rs 12,000 crore.
