ABG Shipyard, Directors Allegedly Cheated 28 Banks Of ₹ 22,842 Crore: CBI
New Delhi: In its biggest bank fraud case yet, the Central Bureau of Investigation today filed a case against ABG Shipyard and its Directors Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar for allegedly defrauding 28 banks of ₹ 22,842 crore.
ABG Shipyard Ltd is the flagship company of the ABG Group which is engaged in shipbuilding and ship repair. The shipyards are located in Dahej and Surat in Gujarat.
According to a complaint by the State Bank of India, the company owes ₹ 2,925 crore to the bank, ₹ 7,089 crore to ICICI Bank, ₹ 3,634 crore to IDBI Bank, ₹ 1,614 crore to Bank of Baroda, ₹ 1,244 to PNB and ₹ 1,228 crore to IOB. Funds were used for purposes other than for which they were released by banks, the CBI said.
The bank had first filed a complaint on November 8, 2019, on which the CBI had sought some clarifications on March 12, 2020. ABG Shipyard
The bank filed a fresh complaint in August that year. After “scrutinising” for over one and a half-year, the CBI acted on the complaint filing an FIR on February 7, 2022.
The company was sanctioned credit facilities from 28 banks and financial institutions with the SBI having exposure of ₹ 2468.51 crore, they said.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
