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cbi: ABG Shipyard, directors booked by CBI in Rs 22,842 crore bank fraud case | India News – Times of India


NEW DELHI: The CBI has filed an FIR against a shipping firm and its directors for allegedly duping a consortium firm to the tune of Rs 22,842 crore.
The agency has booked ABG Shipyard and its Directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar two years after the company was declared a “fraud account” by the banks.
As per CBI’s FIR, the firms — which is estimated to have constructed over 160 vessels — owed Rs 7089 crores to ICICI bank, Ra Ra 3634 crore to IDBI bank, Rs 2925 crore to SBI, Rs 1614 crore to Bank of Baroda and over Rs 1,200 crore to PNB and Indian Overseas Bank.
According to the forensic audit report submitted to CBI by the banks, the accused firm and its directors diverted and misappropriated the loan amount thereby committing a criminal act and breach of trust. The money was used for purposes other that the purpose for which the funds were released by the bank”, the FIR alleged.





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