Rishi Agarwal, the Founder and Chairman of ABG, has been detained by the CBI in connection with a Bank Fraud Case of Rs. 22,842 crore

• Image Credit: India Today

• Sep 21, 2022 | Kabir Chakraborty

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.