Delhi, Sept 22nd, 2022: Central Bureau of Investigation(CBI) on Wednesday arrested the founder-chairman of notable shipbuilding company, ABG Shipyard, Rishi Agarwal in connection with a ₹ 22,000 crore bank fraud case.
CBI has charged Agarwal with 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.
ABG Shipyard had created a web of transactions to cheat a consortium of 28 banks to the tune of ₹22,842 crores between 2012 and 2017, in a case which has come to light a few months back. The banks include the State Bank of India (SBI), IDBI, and ICICI.
The funds were used for purposes other than for which they were released by the banks.
Earlier this year in February, the CBI registered a case against ABG Shipyard and also issued lookout notices against a few employees of the company.
