CBI books ABG Shipyards, directors in bank loan fraud of Rs22,842 crore
IANS 12 February 2022
The Central Bureau of Investigation (CBI), on Saturday filed an FIR against ABG Shipyards and its directors for allegedly cheating a consortium of Banks to the tune of Rs 22,842 crore.
A complaint against them was lodged by the State Bank of India (SBI). Acting on the SBI's complaint, the CBI filed the FIR naming Rishi Aggarwal and Santhanam Muthuswamy, the directors of ABG Shipyards as an accused.
The company through its directors took a loan of Rs 2,925 crore from the SBI and willingly didn't pay. They also took loans from different banks and never paid it.
Initially they took loan from SBI and won their confidence. Later they were able to take loan from a consortium of banks.
"They took a loan of Rs 1,228 from Indian Overseas Bank, Rs 1,244 crore from Punjab National Bank, Rs 1,614 crore from Bank of Baroda, Rs 7,089 crore from ICICI Bank and Rs 3,634 crore from IDBI Bank. Later they didn't pay the bank their dues. Initially, the bank started an internal inquiry in which it was found that the company was cheating the consortium of Banks by diverting funds to different entities," said the CBI source.
The CBI has now lodged an FIR and seeing the gravity of the matter they have formed a team of its elite officials to look into it. In coming days, the CBI may summon the directors of ABG Shipyards to join the investigation and will record their statements.
There are also possibilities that directors of ABG group may be arrested.
ABG Shipyards is connected to ABG group company which is in the business of ship repairing and shipbuilding. They have Shipyards in Gujrat.
The official said that further probe in the matter is on.
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