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NEW DELHI: The CBI arrested the founder-chairman of ABG Shipyard Restricted, Rishi Kamlesh Agarwal, on Wednesday in reference to an alleged financial institution fraud of greater than Rs 22,842 crore, officers mentioned.
The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the corporate, and others for the alleged offences of prison conspiracy, dishonest, prison breach of belief and abuse of official place beneath the Indian Penal Code (IPC) and the Prevention of Corruption Act, they mentioned.
The corporate was sanctioned credit score amenities from 28 banks and monetary establishments led by the ICICI Financial institution, with the State Financial institution of India (SBI) having an publicity of Rs 2,468.51 crore, the officers mentioned.
A forensic audit by Ernst and Younger has proven that between 2012 and 2017, the accused colluded with one another and dedicated unlawful actions, together with diversion and misappropriation of funds and prison breach of belief.
The funds have been used for functions apart from for which they have been launched by the banks, the officers mentioned.
The mortgage account was declared a non-performing asset (NPA) in July 2016 and a fraud in 2019.
The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the corporate, and others for the alleged offences of prison conspiracy, dishonest, prison breach of belief and abuse of official place beneath the Indian Penal Code (IPC) and the Prevention of Corruption Act, they mentioned.
The corporate was sanctioned credit score amenities from 28 banks and monetary establishments led by the ICICI Financial institution, with the State Financial institution of India (SBI) having an publicity of Rs 2,468.51 crore, the officers mentioned.
A forensic audit by Ernst and Younger has proven that between 2012 and 2017, the accused colluded with one another and dedicated unlawful actions, together with diversion and misappropriation of funds and prison breach of belief.
The funds have been used for functions apart from for which they have been launched by the banks, the officers mentioned.
The mortgage account was declared a non-performing asset (NPA) in July 2016 and a fraud in 2019.
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