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The State Bank of India (SBI) has an exposure of Rs 2,468.51 crore and is one of 28 banks and financial institutions that have approved credit facilities for the company, according to the officials.

Digital Desk: Rishi Kamlesh Agarwal, the Founder and Chairman of ABG Shipyard Limited was detained by the CBI on Wednesday in relation to an alleged bank fraud involving more than Rs 22,842 crore, according to officials.

Agarwal, a former firm chairman, and others were allegedly charged by the Central Bureau of Investigation (CBI) with violating the Prevention of Corruption Act and the Indian Penal Code (IPC) for criminal conspiracy, fraud, criminal breach of trust, and abuse of official position.

The State Bank of India (SBI) has an exposure of Rs 2,468.51 crore and is one of 28 banks and financial institutions that have approved credit facilities for the company, according to the officials.

 

According to a forensic audit conducted by Ernst and Young, the accused conspired with one another between 2012 and 2017 to engage in illicit actions such as theft, misappropriation, and criminal breach of trust.

According to the officials, the money was used for reasons other than those for which the institutions had authorized its release.

In July 2016 and 2019, respectively, the loan account was designated as a non-performing asset (NPA) and a fraud.

 

 

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