The Central Bureau of Investigation (CBI) registered an FIR against ABG Shipyard and its directors for allegedly duping 28 banks of Rs 22,842 crore.
The FIR was registered on February 7 in Delhi.
The FIR reads that a written complaint dated August 25, 2020, was received from Balaji Singh Samanta, DGM, State Bank of India, SAM Branch in Mumbai against the Company ABG Shipyard Ltd having registered office in Surat.
Rishi Kamlesh Agarwal, chairman and managing director and guarantor, Santhanam Muthaswamy, other directors of the ABG International Pvt Ltd and unknown public servants alleging therein, the commission of offences of criminal conspiracy, cheating, criminal breach of trust, abuse of official position, thereby causing wrongful loss of Rs 22,842 crore to the consortium of Banks, comprising of State Bank of India, e-State Bank of Patiala (presently state Bank of India), e- State Bank of Travancore (presently State Bank of India) etc, led by ICICI Bank.
The facts and allegations contained in the complaint disclose the commission of offences punishable by IPC sections of criminal breach of trust by a public servant, cheating and other sections.
A CBI officer said that the company is engaged in shipbuilding and ship repair. And its shipyards are located in Dahej and Surat in Gujarat.
It was further alleged that the accused had colluded together and committed activities by way of diversion of funds for the purpose other than for which the funds were released by the bank. Huge amounts were allegedly transferred by the said private company to its related parties and subsequently adjustment entries were made.
It was also alleged that bank loans to the said private company was diverted and huge investment was found to be made in the overseas subsidiary. It was further alleged that funds from banks were diverted to purchase huge assets in the name of its related parties.
Searches were conducted today at 13 locations in the premises of the accused including private companies, directors at Surat, Bharuch, Mumbai, Pune etc which led to the recovery of incriminating documents.
The investigation is underway.
( With inputs from ANI )
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