CBI arrests ABG Shipyard's ex-CMD Rishi Agarwal in ₹ 22,000 cr bank fraud scam

Central Bureau of Investigation (CBI) arrested the former CMD of ABG Shipyard, Rishi Kamlesh Agarwal on September 21, in the Rs 22,842 crore bank fraud scam. He was named as the main accused in the FIR for allegedly cheating a consortium of banks, led by the State Bank of India (SBI). The central investigative agency had booked Agarwal, former executive director Santhanam Muthaswamy, and directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia on February 7 on a complaint filed by SBI on August 25, 2020.

Agarwal was arrested on Wednesday, September 21, after the investigating officials found that he was not cooperating and trying to evade responses, informed the officials.

ABG Shipyard founder arrested  

The Enforcement Directorate (ED), based on the FIR filed by the CBI has been probing a money laundering case against the former promoters of the shipbuilding company. The CBI had booked ABG Shipyard and its then CMD Agarwal and others for allegedly cheating a consortium of Banks of over Rs 22,842 crore.

The CBI, in the FIR, had named the CMD, and others that include names of the executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International under the offences - of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act.

The CBI filed the FIR against the company after a complaint was filed by the bank on February 7. SBI has an exposure of Rs 2468.51, among 28 other banks, that are a part of the consortium to sanction credit limits to the Shipbuilding company. 

(With PTI inputs)