The Central Bureau of Investigation (CBI) detained ABG Shipyard's founder-chairman Rishi Agarwal in the bank fraud case on Wednesday.
Digital Desk: The Enforcement Directorate on Thursday announced that the assets attached were worth Rs 2,747.69 crore in the ABG Shipyard Limited case.
Shipyards in Surat and Dahej, agricultural lands and plots, commercial and residential properties in Gujarat and Maharashtra, and bank accounts owned by ABG Shipyard, its parent companies, and other associated entities are among the attached assets.
The Enforcement Directorate (ED) has traced and attached assets worth Rs 2,747.69 crore belonging to ABG Shipyard Ltd., its group companies, Bermaco Energy Systems Ltd., Dhananjay Datar, Savita Dhananjay Datar, Krishna Gopal Toshniwal, and Viren Ahuja under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The Central Bureau of Investigation (CBI) detained ABG Shipyard's founder-chairman Rishi Agarwal on Wednesday in connection with the Rs 22,842-crore bank fraud case. Between 2012 and 2017, the shipbuilding company used a web of transactions to defraud a consortium of 28 banks, including the State Bank of India (SBI), IDBI, and ICICI, of Rs 22,842 crore.
The ED has organized a money laundering investigation based on an FIR filed by the Central Bureau of Investigation (CBI), AC-V, Delhi against ABG Shipyard Limited and others on February 7, 2022.
The agency discovered during its investigation that the company and its Chairman and Managing Director Rishi Kamlesh Agarwal acquired various credit facilities/loans from a consortium of banks led by ICICI Bank, Mumbai, under the guise of meeting capital requirements and other business expenses.
ABG Shipyard, on the other hand, misused the company's current credit facilities and transferred the funds for uses other than its original purpose under the guise of various loans/advances/investments, etc. to other associated firms incorporated in India and abroad.
The company subsequently suffered a monetary loss of Rs 22,842 crore as a result of this. More research is being conducted.
Hear out the story of what this loan fraud is exactly about?
The Gujarat-based ABG Shipyard, previously recognized as a shipbuilding powerhouse, is now responsible for India's "largest bank fraud."
ABG Shipyard Ltd, the flagship company of the ABG Group founded in 1985, is accused of defrauding 28 banks (headed by SBI) to the tune of 23,000 crores (Rs 22,842 to be precise).
According to the CBI's statement in the case, the shipbuilding firm received loans beginning in 2005, but the account became delinquent in 2013 due to nonpayment of dues. The corporation became a non-performing asset as a result of the 2008 global financial crisis.
According to SBI's complaint, the company owes the bank Rs 2,925 crore, ICICI Bank Rs 7,089 crore, IDBI Bank Rs 3,634 crore, Bank of Baroda Rs 1,614 crore, Punjab National Bank Rs 1,244 crore, and Indian Overseas Bank Rs 1,228 crore.
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