ABG Shipyard fraud case: CBI issues look out notices against former CMD, 8 others - Times of India

ABG Shipyard fraud case: CBI issues look out notices against former CMD, 8 others – Times of India


NEW DELHI: Days after the Central Bureau of Investigation (CBI) booked ABG Shipyard, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of two dozen lenders led by ICICI Bank, the agency on Tuesday issued a look out notice against them.
In a statement, the CBI said Look Out Circulars (LOCs) have already been opened against the accused, while maintaining that the accused have been located in India, news agency PTI reported.
The main objective behind issuing the LOC is to prevent the accused from leaving the country.
This is probably the biggest bank fraud case to have been reported — involving more than Rs 22,842 crore.
It is definitely higher than the one perpetrated by Nirav Modi and his uncle Mehul Choksi, who allegedly cheated the Punjab National Bank (PNB) of around Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
CBI 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 for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act.
On February 12, the agency had conducted searches at 13 locations. Officials claimed they had received several incriminating documents, such as books of accounts of the accused borrower company, which was being scrutinised.
The State Bank of India (SBI) had also opened LOC against the main accused in 2019.
It had first filed a complaint on November 8, 2019 on which the central investigation agency had sought some clarifications on March 12, 2020.
The bank filed a fresh complaint in August that year. After “scrutinising” for over one- and-a-half-years, 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 led by ICICI Bank, with the SBI, having exposure of Rs 2,468.51 crore, the CBI said.
The loan account was declared as A non-performing asset (NPA) in July, 2016 and a fraud in 2019.
(With inputs from PTI)


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