Home / News / India News / Article / CBI books ABG Shipyard in biggest bank fraud case of over Rs 22,842 crore

CBI books ABG Shipyard in biggest bank fraud case of over Rs 22,842 crore

The company was sanctioned credit facilities from 28 banks and financial institutions led by ICICI Bank with the SBI having exposure of Rs 2468.51 crore, the officials said

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Searches were conducted on Saturday at 13 locations in the premises of accused including private company, directors at Surat, Bharuch, Mumbai, Pune etc, CBI said in a statement. File Pic

Searches were conducted on Saturday at 13 locations in the premises of accused including private company, directors at Surat, Bharuch, Mumbai, Pune etc, CBI said in a statement. File Pic

In its biggest bank fraud case, the CBI has booked ABG Shipyard Ltd and its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks led by State Bank of India of over Rs 22,842 crore, officials said on Saturday.

Besides Agarwal, the 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 IPC and the Prevention of Corruption Act, they said.

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