ABG Shipyard case: Ex-CMD Rishi Agarwal reaches CBI office to join probe

Former chairman and managing director of ABG Shipyard Rishi Agarwal reached the Central Bureau of Investigation (CBI) office in order to join the agency’s probe into the Rs 22,842 crore bank fraud case. He was accompanied by the legal team led by Advocate Vijay Aggarwal. Aggarwal is known for handling the 2G Spectrum case, ICICI-Videocon case, and Rana Kapoor’s case.
 
According to the CBI, ABG Shipyard defaulted on loans worth Rs 22,842 crore that it owed to 28 banks including the State Bank of India (SBI). The central agency said that these frauds included loans like CC loan, term loan, letter of credit, bank guarantee, etc. given as advance by the banks.
 
“In the instant case, there are 28 banks involved in consortium with a huge amount of disbursement. There were different nature of bank loans including CC Loan, Term Loan, Letter of Credit, Bank Guarantee, etc. that were given as advance by the banks,” the CBI was quoted as saying by news agency ANI.
 
Agarwal was also questioned by the central agency last week. The agency also questioned Agarwal last week in connection with the case. ABG Shipyard banking fraud is touted to be the biggest case of fraud that the CBI has registered so far. The central agency launched its probe after registering the FIR on February 7 on a complaint filed by the SBI on August 25, 2020.
 
Central agency has also issued look out notices against the accused in this case so that they don’t leave the country.
 
(With inputs from ANI, Munish Chandra Pandey)

Also read: ABG Shipyard fraud case: ED may issue summons post forensic report, say sources