CBI questions Rishi Agarwal of ABG Shipyards in connection with Rs 22,842 crore bank fraud
India Today
ABG Shipyard and its managing director Rishi Agarwal have been booked by CBI and ED for allegedly cheating a consortium of banks to the tune of Rs 22,842 crore.
ABG Shipyards chairman Rishi Kamlesh Agarwal has been questioned by the Central Bureau of Investigation (CBI), sources have told India Today. Rishi Agarwal is accused of what is being seen as India's biggest bank fraud, worth an estimated Rs 22,842 crore.
A resident of Mumbai, Rishi Agarwal was also the managing director (MD) of Gujarat-based ABG Shipyard.
Sources said that he will be called again for questioning in connection with this case.
ABG Shipyard, Rishi Agarwal and other promoters and directors of the firm have been booked by the CBI as well as the Enforcement Directorate (ED) for allegedly cheating a consortium of banks led by ICICI Bank and State Bank of India (SBI) to the tune of Rs 22,842 crore.
The agencies have accused Rishi Agarwal and others of colluding and engaging in illegal activities, including diversion and misappropriation of funds, criminal breach of trust and misusing bank's money for purposes other than for the purpose for which the funds were released.
ABG Shipyard Limited (ABGSL), the firm at the centre of this bank fraud, 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. Their shipyards are located at Dahej and Surat in Gujarat.
