The Centre Bureau of Investigation (CBI) has filed a chargesheet in the Rs 22,000-crore loan fraud case against ABG Shipyard and 24 others including its CMD and other officials. The CBI in its probe has established transactions of Rs 5000 crore made through various channels. The complainant—State Bank of India—had alleged that the accused had cheated the consortium of 28 banks, led by ICICI bank, causing fraud of Rs 22,842 crore.
The agency had registered the case on February 7 against ABG Shipyard, its CMD Rishi Kamlesh Aggarwal, CFO Dhananjay Datar Corporate Guarantor and unknown persons. Searches were earlier conducted at around 13 locations on February 12, which had led to the recovery of several incriminating documents. During the investigation conducted at various places, several witnesses were examined.
The CBI arrested the Promoter and Chairman on September 21. It was learnt during the investigation that the accused fraudulently siphoned off a huge amount of bank/business funds of said private company and a large number of personal assets in the form of immovable properties including luxurious flats, multistoried buildings, and lands (having a present value in crores), were created. The accused are stated to have also misrepresented and falsified the audited books of the company.
The CBI has said that their investigations have revealed sham contracts by ABG Shipyard with its three Singapore-based three offshore group entities.
“ABG Shipyard allegedly siphoned off public money by establishing Letter of Credits in favour of another Singapore-based firm purportedly for import of designs and drawings for various cassels/hulls. Investigation have also found diversion through the creation of a web of companies, part of which was used to acquire properties at prominent locations including in Mumbai and Surat. These include four luxury flats in Mumbai, one residential tower in Mumbai having 14 flats, and commercial land measuring around 5-6 acres in Surat,” the CBI has mentioned in the chargesheet.
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