Rishi Agarwal ABG Shipyard Bank Biography
In what is pegged as the largest bank fraud case, the Central Bureau of Investigation (CBI) has booked ABG Shipyard Ltd, along with its former chairman and managing director Rishi Kamlesh Agarwal and others.
The alleged parties are said to have defrauded the State Bank of India (SBI), and 27 other banks and lenders of more than Rs 22,842 crore.
CBI has also booked several others in relation to the ABG Shipyard fraud case.
Who owns ABG Shipyard? / Who is abg shipyard owner ?
ABG Shipyard Ltd is owned by the ABG Group, a firm engaged in the business of shipbuilding and ship repair. The shipbuilding company is based in Mumbai.
abg shipyard owner rishi agarwal biography
The company is promoted by Rishi Agarwal. The company’s shipyards are located at Dahej and Surat in Gujarat. ABG Shipyard has constructed more than 165 vessels in the 16 years.(Rishi Agarwal ABG Shipyard Bank Biography )
Timeline of ABG Shipyard Fraud Case
– ABG Shipyard’s loan account was first declared as a non-performing asset (NPA) in July 2016.
– SBI filed its first complaint on November 8, 2019. The loan account was declared fraud in 2019
CBI sought some clarifications on SBI’s complaint on March 12, 2020.
– SBI filed a fresh complaint in August 2020.
– CBI acted on SBI’s complaint after “scrutinising” for over one and a half years on the complaint’s FIR on February 7, 2022.
ABG Shipyard Fraud Case: Whose names are in CBI’s list?
Besides Agarwal, CBI has named the then executive director Santhanam Muthaswamy,
directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd.
The agency has booked them for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act, they said.
In its official statement, CBI said that it conducted searches at 13 locations on Saturday, February 12, in the premises of the accused including private company’s directors at Surat,
Bharuch, Mumbai, Pune etc. The raiders led to the recovery of incriminating documents, the agency added.
CBI also noted that funds were used for purposes other than for which they were released by banks, (Rishi Agarwal ABG Shipyard Bank Biography )
abg shipyard owner rishi agarwal biography
according to a report by PTI. The agency also pointed out that the Forensic Audit by Ernst and Young noted that the accused colluded
together and committed illegal activities such as funds, misappropriation and criminal breach of trust between 2012-17.(Rishi Agarwal ABG Shipyard Bank Biography )
The Central Bureau of Investigation has filed India’s biggest bank fraud case so far and booked ABG Shipyard and its then chairman and
abg shipyard owner rishi agarwal biography
managing director Rishi Kamlesh Agarwal and others for cheating a consortium of 28 banks. The fraud is pegged at Rs 22,842 crore.
The AC V unit of the CBI HQ Delhi has registered the FIR on 7th February and has started the investigation. (Rishi Agarwal ABG Shipyard Bank Biography )
Searches were carried out at searches at 13 places including Mumbai, Pune, Surat Bharuch and other places.
 |
|
| Type | Public company |
|---|---|
|
Traded as
|
BSE: 532682 NSE: ABGSHIP |
| Industry | Shipbuilding |
| Founded | 1985 |
| Headquarters |
Mumbai
, India
|
|
Key people
|
Rishi Agarwal (Chairman) Ram Swaroop Nakra (Managing director) DP Gupta (Vice president) Subas Gantayat (Vice president) |
| Services | Ship design Ship building Ship repair |
|
Number of employees
|
250 |
| Divisions | 2 |
| Website | abgindia |
abg shipyard owner rishi agarwal biography
“The consortium of 28 banks was led by ICICI Bank. The said private company/borrower company based at Surat (Gujarat) was engaged in the business of shipbuilding and ship repair.
It was further alleged that the accused had colluded together and committed activities by way of diversion of funds for the purpose other
than for which the funds were released by the bank,” the CBI said in a press statement on Saturday.(Rishi Agarwal ABG Shipyard Bank Biography )
Rishi Agarwal ABG Shipyard Wikipedia
Those who have been named in the FIR filed by the AC V unit of the CBI include ABG Shipyard’s then chairman and managing director Rishi Kamlesh Agarwal,
executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal, Ravi Kumar Nevetia and another company ABG International Private Limited which stood as guarantor. (Rishi Agarwal ABG Shipyard Bank Biography )
Rishi Agarwal ABG Shipyard Wikipedia
The criminal case has been registered on 7th February under sections of criminal conspiracy, cheating,
criminal breach of trust and abuse of official position under sections of the Indian Penal Code and the Prevention of Corruption Act. As per the CBI FIR,(Rishi Agarwal ABG Shipyard Bank Biography )
Rishi Agarwal ABG Shipyard Wikipedia
the SBI first approached the probe agency on 8th November 2019. It, however, sought some clarifications on 12th March 2020.
The SBI filed a fresh complaint on August 2020. After going through it and scrutinising it for nearly 18 months, the CBI on 7th February filed an FIR.(Rishi Agarwal ABG Shipyard Bank Biography )
ABG Shipyard Limited has sanctioned credit facilities from 28 banks and financial institutions with the SBI having exposure of Rs 2,468.51 crore.
The E&Y Forensic Audit has shown that between 2012-17, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust.
abg shipyard owner fraud case
Funds were used for purposes other than for which they were released by banks.(Rishi Agarwal ABG Shipyard Bank Biography )
Huge amounts were allegedly transferred by the said private company to its related parties and subsequently adjustment entries were made.
It was also alleged that bank loans to the said private company were diverted and huge investment was found to be made in the overseas subsidiary,” the CBI said. (Rishi Agarwal ABG Shipyard Bank Biography )
abg shipyard owner fraud case
It was further alleged that funds from banks were diverted to purchase huge assets in the name of its related parties.
A forensic audit was done by Ernst & Young which found that ABG group’s flagship company was ABG Shipyard Limited.
abg shipyard owner fraud case
ABG shipyard company was engaged in the business of building of ship and ship repair. Rishi Aggarwal was the director. (Rishi Agarwal ABG Shipyard Bank Biography )
The shipyard of the ABG group was located in Dahej and Surat. ABG constructed 165 vessels (46 for the export market) in 16 years.
CBI has registered an FIR against ABG Shipyard and its directors for allegedly cheating 28 banks of Rs 22,842 crores
Visuals from ABG’s shipyard in Surat, Gujarat pic.twitter.com/A9yo4pQvYE
— ANI (@ANI) February 13, 2022
The forensic audit noted that the global crisis impacted the shipping business due to a fall in commodity demand and prices and a subsequent fall in cargo demand.
There was no demand for commercial and defence vessels in 2015 which badly affected the business. (Rishi Agarwal ABG Shipyard Bank Biography )
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