State Bank of India (SBI) filed a complaint about the scam. This is the biggest ever bank fraud case registered by CBI. ABG Shipyard Ltd is known for shipbuilding and repair. It has its yards in Gujarat’s Surat and Dahej.
Central Bureau of Investigation (CBI) booked ABG Shipyard, alleged financial fraud of Rs 22,842-crore. ABG Shipyard Ltd is a Mumbai based shipbuilding company.
The CBI books chairman and Managing Director Rishi Kamlesh Agarwal and others with charges of criminal conspiracy, cheating, criminal breach of trust, and abuse of official position under the IPC and the Prevention of Corruption Act.
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 in the case.
The company was sanctioned credit facilities from 28 banks and financial institutions where the SBI had exposure of Rs 2468.51 crore.
The other banks include:
- ICICI Bank (Rs 7,089 crore)
- IDBI Bank (Rs 3,634 crore)
- Bank of Baroda (Rs 1,614 crore)
- PNB (Rs 1,244 crore and IOB (Rs 1,228 crore)
The Forensic Audit has shown that between 2012-17, the accused conspired together and committed illegal activities, including diversion of funds, misappropriation, and criminal breach of trust.
Rishi Agarwal is an MBA from Purdue University and Chairman of ABG Shipyard Ltd; ABG Shipyard Limited operates as a private-sector shipbuilding company. The Company manufactures bulk carriers, deck barges, interceptor boats, anchor handling supply ships, diving support ships, tugs, and offshore vessels. The Company serves commercial and government customers in India. Rishi Agarwal is also BJP Supporter and has been openly associated with prime minister Modi and also a Singaporean citizen.
Muthuswamy Santhanam is director of ABG SHIPYARD LTD and is associated with 18 other companies, which are Shivris Resources Private Limited, Gold Croft Property Private Limited, Jarrow Finance And Trading P Ltd, Tirupati Landmark Private Limited, Fifth Properties Private Limited, Ninth Estate & Properties Private Limited, Fourth Land Developers Private Limited, Somerset Estate Private Limited, Tenth Estate & Properties Private Limited, G C Property Private Limited, Abg International Private Limited. As a Nominee Director with Waste Re-Energy Private Limited, Twelfth Land Developers Private Limited, Thirteenth Land Developers Private Limited