ABG Shipyard fraud case: CBI files charge sheet against ex-chairman Rishi Agarwal, others

The agency had registered the case on February 7 this year under the IPC and the Prevention of Corruption Act on a complaint from the State Bank of India.

November 19, 2022 08:56 pm | Updated 08:57 pm IST - New Delhi

View of the ABG shipyard in Mumbai. File

View of the ABG shipyard in Mumbai. File | Photo Credit: PTI

The CBI on Saturday filed a charge sheet against former ABG group chairman Rishi Agarwal and other individuals and entities in connection with the alleged ₹22,842-crore bank fraud in the ABG Shipyard Ltd, officials said on Saturday.

In its charge sheet filed before the special CBI court here, the agency has named as accused Mr. Agarwal and five individuals and 19 companies including three Singapore-based firms, they said.

The 25 against whom the charge sheet has been filed include a Mumbai-based private company; its chairman & promoter; then chief financial officer of the said company; then vice president (accounts); then assistant vice president (accounts);  another person handling the group's offshore entities; then statutory auditor of the company and 18 other entities (India-based companies/firms & offshore entities) in an ongoing investigation of a case related to the alleged fraud of ₹22,842 crore (approx).

Also read: Explained | How did the ABG Shipyard fraud happen?

The agency has so far detected alleged diversion of ₹5,000 crore and has kept the probe open.

Some luxury properties of Mr. Agarwal have been seized by the CBI as well, the official said.

The agency had registered the case on February 7 this year under the IPC and the Prevention of Corruption Act on a complaint from the State Bank of India for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position.

"The SBI with an exposure of ₹2,468.51 crore was part of a consortium of 28 banks and financial institutions led by ICICI Bank. The ABG Shipyard being a major player in Indian ship building industry operated from its shipyards located at Dahej and Surat in Gujarat with capacity to build vessels up to 18,000 dead weight tonnage (DWT) at Surat shipyard and 1,20,000 dead weight tonnage (DWT) at Dahej shipyard,” an FIR had alleged.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.