ABG Shipyard fraud: CBI questions former MD Rishi Agarwal
Premium- The CBI had registered an FIR in the case on February 7, 2022 on a complaint filed by SBI on August 25, 2020
ABG Shipyard bank fraud: The Central Bureau of Investigation (CBI) on Monday questioned former Chairman and Managing Director of ABG Shipyard Ltd Rishi Agarwal, according to PTI.
Agarwal appeared before the central probing agency for questioning in connection with the ₹22,848 crore banking fraud. This is the second time he has been questioned. He was questioned last week as well.
As per the report, officials said Agarwal would continue to record his statement in the coming days on various aspects of alleged diversion of funds as pointed out in the forensic audit conducted by banks.
ABG Shipyard was given credit facilities from 28 banks and financial institutions led by ICICI Bank. However, officials, said that a forensic audit by Ernst & Young has shown that between 2012 and 2017, the accused colluded together and committed illegal activities, including diversion of funds, misappropriation and criminal breach of trust.
The CBI had registered an FIR in the case on February 7, 2022 on a complaint filed by SBI on August 25, 2020.
They said funds were used for purposes other than for which they were released by banks.
Besides Agarwal, the central agency has also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company, ABG International Pvt Ltd, for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
The CBI had conducted searches at 13 locations on February 12.
The bank had first filed a complaint on November 8, 2019 on which the CBI had sought some clarifications on March 12, 2020. The bank filed a fresh complaint in August that year.
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