On Saturday, the Central Bureau of Investigation (CBI) submitted a charge sheet against Rishi Agarwal, the former chairman of the ABG group, along with several other individuals and entities. This action is linked to an alleged bank fraud of Rs 22,842 crore in ABG Shipyard Ltd, according to officials.
The charge sheet, filed in the special CBI court, lists Agarwal and five individuals, along with 19 companies, including three Singapore-based firms, as accused parties. Among the 25 individuals named in the charge sheet are a Mumbai-based private company, its chairman and promoter, the former chief financial officer, the then vice president (accounts), the assistant vice president (accounts), an individual overseeing the group’s offshore entities, the statutory auditor of the company, and 18 other entities (comprising India-based companies/firms and offshore entities).
This filing is part of an ongoing investigation into the alleged fraud amounting to approximately Rs 22,842 crore. The CBI has identified an alleged diversion of Rs 5,000 crore so far and continues its probe. Additionally, the CBI has seized some luxury properties belonging to Agarwal.
The case, registered on February 7 of this year, invoked sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act based on a complaint from the State Bank of India. The alleged offenses include criminal conspiracy, cheating, criminal breach of trust, and abuse of official position.
The FIR revealed that the State Bank of India, with an exposure of Rs 2,468.51 crore, was part of a consortium of 28 banks and financial institutions led by ICICI Bank. ABG Shipyard, a significant player in the Indian shipbuilding industry, operated shipyards in Dahej and Surat, Gujarat, with capacities to build vessels up to 18,000 dead weight tonnage (DWT) and 120,000 DWT at Surat and Dahej shipyards, respectively.
