ABG Shipyard founder-chairman arrested: CBI arrests Rishi Agarwal in Rs 22,842 crore bank fraud case

Central Bureau Of Investigation Arrests ABG Founder chairman Rishi Kamlesh Agarwal In Rs 22,842 crore Bank Fraud Case

ABG Shipyard founder-chairman arrested: CBI arrests Rishi Agarwal in Rs 22,842 crore bank fraud case

The Central Bureau of Investigation (CBI) arrested Rishi Kamlesh Agarwal, Founder-Chairman of ABG Shipyard Limited on Wednesday (September 21). The CBI has arrested Rishi in connection with the alleged bank fraud of over Rs 22,842 crore.
The CBI had booked former company chairman Agarwal and others for alleged offenses of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
Officials said the company had got credit facilities from 28 banks and financial institutions led by ICICI Bank. State Bank of India (SBI) had an exposure of Rs 2,468.51 crore.
A forensic audit conducted by Ernst & Young revealed that between 2012 and 2017 the accused colluded with each other and carried out illegal activities. Which includes diversion and misuse of money and criminal breach of trust.
CBI officials said the money was used for purposes other than those issued by banks. The loan account was declared a non-performing asset (NPA) in July 2016 and fraud in 2019.

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