The Central Bureau of Investigation (CBI) on Saturday filed a charge sheet against former ABG Shipyard Chairman Rishi Agarwal and 24 others in a Rs approximately 23,000-crore bank fraud case. The agency said that the chargesheet has been filed against 25 accused including Mumbai-based Private Company ABG Shipyard Ltd, its chairman and promoter 18 other entities in an ongoing investigation of a case related to fraud of Rs 22,842 crores.
Earlier, the agency filed a registered case against the company and its chairman, directors, corporate guarantor and others. Earlier on 21 September, the CBI had arrested the former promoter of fallen shipbuilder ABG Shipyard Ltd Rishi Agarwal.
The State Bank of India in its complaint had alleged that the accused had cheated the consortium of 28 banks, led by ICICI bank, causing fraud of Rs. 22,842 crores (approx). The agency had registered the case on February 7 this year under the IPC and the Prevention of Corruption Act on a complaint from the State Bank of India. SBI in its complaint had alleged that the accused had cheated the consortium of 28 banks, led by ICICI bank, causing fraud of Rs. 22,842 crores (approx).
“Huge amounts were allegedly transferred the accused to its related parties and subsequently adjustment entries were made. It was also alleged that funds from banks were diverted to purchase huge assets in the name of its related parties. The account of the said company turned NPA on November 30 in 2013 and the majority of loan disbursement allegedly happened between 2005 and 2013. The account was restructured under the CDR mechanism on March 27 in 2014. However, the operations of the company could not be revived,” the CBI official said. Earlier in September, ED attached assets worth Rs 2,747.69 crore in the case. The attached assets include Shipyard at Surat and Dahej located in Gujarat, agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra and bank accounts owned by ABG Shipyard Ltd, its group companies and other related entities.
ED traced movable and immovable assets totalling Rs 2,747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., Dhananjay Datar, Savita Dhananjay Datar, Krishna Gopal Toshniwal, Viren Ahuja and attached them under the provisions of Prevention of Money Laundering Act (PMLA), 2002. The agency initiated a money laundering investigation on the basis of the First Information Report (FIR) dated February 7 registered by the Central Bureau of Investigation (CBI) against ABG Shipyard Ltd and others.
“Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director Rishi Kamlesh Agarwal availed various credit facilities and loans from a consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses but ABG Shipyard Ltd, misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances and investments to various related entities incorporated in India and abroad that eventually caused monetary loss to the tune of Rs 22,842 crores to the consortium,” ED had said in a statement.