ABG Shipyard bank fraud: Liquidation as per NCLT process, says SBI

Earlier, the CBI conducted raids at over a dozen places, including Surat, Bharuch, Mumbai, and Pune which led to the recovery of incriminating documents

PGurus Newsdesk

February 14, 2022

Earlier, the CBI conducted raids at over a dozen places, including Surat, Bharuch, Mumbai, and Pune which led to the recovery of incriminating documents

Rs.22,842 cr bank fraud: SBI says, ABG Shipyard’s liquidation on as per NCLT process; no delay

In the Rs.22,842 crores fraud case that is registered on ABG Shipyard Ltd., India’s largest state-owned bank State Bank of India (SBI) said in a statement today that the account is presently undergoing liquidation under National Company Law Tribunal (NCLT) driven process”, and that at no point in time, there was “any effort to delay the process”.

On alleged fraud of Rs.22,842 crores by ABG Shipyard, SBI says, “Financed under consortium arrangement over 2 dozen lenders led by ICICI Bank.

The Central Bureau of Investigation (CBI) has recently booked ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of two dozen lenders led by ICICI Bank.

SBI had filed a complaint against the company on the basis of which the CBI filed an FIR naming Rishi Aggarwal and Santhanam Muthuswamy, the directors of ABG Shipyards. The SBI said that the fraud was mainly attributed to diversion of funds, misappropriation, and criminal breach of trust.

Earlier, the CBI conducted raids at over a dozen places, including Surat, Bharuch, Mumbai, and Pune which led to the recovery of incriminating documents.

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.