ABG Shipyard founder financial institution fraud case: The Central Bureau of Investigation (CBI) on Wednesday arrested Rishi Kamlesh Agrawal, Chairman and Managing Director of Surat-primarily based ABG Shipyard in over Rs 22,000 crore financial institution fraud case, PTI quoted officers as saying.
Rishi Kamlesh Agrawal has been arrested on fees of duping a consortium of 28 banks of Rs 22,842 crores of financial institution fraud, CBI sources mentioned.
CBI booked Agrawal, a former chairman of the agency, and others for the alleged offences of prison conspiracy, dishonest, prison breach of notion and abuse of official place under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they mentioned.
the agency was sanctioned credit rating amenities from 28 banks and monetary institutions led by the ICICI financial institution, with the State financial institution of India (SBI) having an publicity of Rs 2,468.fifty one crore, the officers mentioned.
A forensic audit by Ernst and youthful has proven that between 2012 and 2017, the accused colluded with every utterly different and dedicated illegal actions, collectively with diversion and misappropriation of funds and prison breach of notion.
The funds had been used for features utterly different than for which they had been launched by the banks, the officers mentioned.
The mortgage account was declared a non-performing asset (NPA) in July 2016 and a fraud in 2019.
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