CBI registers case against ABG Shipyard, fraud case of more than 22 thousand crores

The case pertains to an alleged fraud of over Rs 22,842 crore from a consortium of banks led by State Bank of India.

Case registered against ABG Shipyard in fraud case

Image Credit source: PTI

CBI in the country’s biggest bank fraud case ABG Shipyard (ABG Shipyard) Ltd and its then Chairman and Managing Director Rishi Kamlesh Aggarwal along with others. CBI (CBI ) officials said on Saturday that this case State Bank of India ,SBI) in connection with an alleged fraud of over Rs 22,842 crore from a consortium of banks led by Mr. Apart from Agarwal, the agency has also booked the then executive director Santhanam Muthaswamy, directors – Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for allegedly criminal conspiracy, cheating, criminal breach of trust and official misappropriation. The agency has informed that these people have been booked under the Indian Penal Code and the Prevention of Corruption Act.

what is the whole matter

The bank’s consortium had first filed the complaint on 8 November 2019, on which the CBI had sought some clarifications on 12 March 2020. The consortium of banks filed a fresh complaint in August that year and after more than a year and a half of investigation, the CBI acted on it. SBI as well as 28 banks and financial institutions had sanctioned loans of Rs 2468.51 crore to the company, the official said. He said the forensic audit revealed that between 2012-17, the accused allegedly colluded and carried out illegal activities, including misappropriation of funds and criminal breach of trust. This is the biggest bank fraud case registered by the CBI. In a statement, CBI said, “Searchs were conducted at 13 places in the premises of accused including directors of a private company at Surat, Bharuch, Mumbai, Pune etc. on Saturday, in which incriminating documents were recovered.

In January, CBI took action on another officer

ES Ranganathan, Director (Marketing) of GAIL (India) Limited, has been suspended following the arrest of the CBI. Ranganathan is accused of accepting bribes to give ‘discounts’ to private sector companies that buy petro-chemical products from GAIL. Official sources said on Tuesday that the Ministry of Petroleum and Natural Gas, in an order issued on January 17, has said that Ranganathan is suspended from services till the investigation continues. Ranganathan was appointed as Director (Marketing) of GAIL in July 2020. He was due to retire in May next year. Ranganathan was arrested by the Central Bureau of Investigation (CBI) in this case. The CBI on Friday began its raids in connection with Ranganathan’s promise of discounts to private companies in return for a bribe of Rs 50 lakh. CBI had arrested some people of private companies in this case. Ranganathan was arrested on January 16 after taking necessary approvals.

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