Action in bank fraud of 22 thousand crores, ABG Shipyard chairman Rishi Agarwal arrested

Action in bank fraud of 22 thousand crores, ABG Shipyard chairman Rishi Agarwal arrested

Big action has been taken in the ABG Shipyard Bank fraud case. The news is coming from quoting sources that the Central Bureau of Investigation (CBI) has arrested Rishi Aggarwal, Chairman and Managing Director of ABG Shipyard. The rest of the accused, including Agarwal, is accused of snatching Rs 22,842 crore from the consortium of 28 banks. This scam is being told as the biggest bank scam in the country, which is being investigated by the CBI.

ABG Shipyard founder and chairman Rishi Agarwal was arrested by the CBI on Wednesday in an alleged Rs 22,842 crore bank scam case, says a report in news agency PTI. Agarwal has been the chairman of this company in the past and his name has also come to the fore in the scam. The CBI had also registered a case against Agarwal. Apart from Aggarwal, allegations have been made against many other people and a case is registered against them. The CBI has registered cases against the accused for criminal conspiracy, cheating, criminal breach of trust, and abuse of official positions.

what has happened so far
Cases have been registered under the Indian Penal Code and Prevention of Corruption Act in the ABG Shipyard Bank scam cases. It has been alleged that ABG Shipyard was allowed to take loans from a consortium of 28 banks and financial institutions. This consortium was formed under the chairmanship of ICICI Bank which also included the State Bank of India. State Bank had given a loan of Rs 2468.51 crore to this company. Later, when the scam was caught, SBI registered a case with the CBI.

what is the matter
A forensic audit conducted by Ernst & Young revealed that between 2012 and 2017 the accused colluded with each other and committed illegal activities, including misappropriation of funds and criminal breach of trust. Officials said that the loan amount was not used for the purpose for which the loan was taken. The loan account was declared a non-performing asset (NPA) in July 2016 and fraud in 2019. Since then the investigation of this matter is going on.

ED investigation continues
The Enforcement Directorate (ED) is also conducting its investigation into this matter. The investigation is being done given money laundering. In February this year, the CBI summoned the former chairman of the company Rishi Agarwal and conducted a lengthy inquiry regarding the alleged scam.

According to CBI sources, the company has spent the loan money on about 100 of its associate companies, to find out which investigation has intensified. The consortium of banks was started under the chairmanship of ICICI Bank and ABG Shipyard has been given a maximum loan of Rs 7089 crore by this bank. IDBI Bank is at number two, which gave Rs 3639 crore. State Bank of India comes in third place, which has an outstanding of Rs 2925 crore.

(with language input)