ABG founder Rishi Agarwal arrested, there is a case of fraud of 22842 crores

Today english news:

Rishi kamlesh Agarwal Case: The Central Bureau of Investigation (CBI) on Wednesday arrested Rishi Kamlesh Agarwal, founder-chairman of ABG Shipyard Limited, in connection with an alleged bank fraud of Rs 22,842 crore.

Officials said the CBI had registered a case under the Indian Penal Code (IPC) and the Prevention of Corruption Act against former company chairman Rishi Kamlesh Agarwal and others on charges of criminal conspiracy, cheating, criminal breach of trust and abuse of official position.

What is the matter?
The company was given credit facilities from 28 banks and financial institutions led by ICICI Bank, including a loan of Rs 2,468.51 crore given by the State Bank of India (SBI). Forensic audit by auditor service provider ‘Ernst & Young’ It is learned that between 2012 and 2017 the accused, in collusion with each other, carried out illegal activities, including misappropriation of funds and criminal breach of trust. Officials said the loan amount was not utilized for the purposes for which it was released by the banks.

Officials said the loan amount was not utilized for the purposes for which it was released by the banks. The bank had first given the complaint on November 8, 2019, on which the CBI had sought some clarifications on March 12, 2020. Thereafter, the bank filed a fresh complaint in August 2020 and after nearly one and a half years of “investigation”, the CBI registered the case on February 7. ABG Shipyard has been a leading company in the shipbuilding sector in the country with manufacturing units at Dahej and Surat in Gujarat.

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, ABG founder Rishi Agarwal arrested, there is a case of fraud of 22842 crores
, पीटीआई- भाषा , 2022-09-21 22:26:45

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