CBI Issued Lookout Notice Against 8 People In ABG Shipyard Scam

CBI issued lookout notice against 8 people in the ABG Shipyard scam.

Facing allegations of delay in registering the case, the Central Bureau of Investigation (CBI) has intensified its probe into the country’s biggest bank scam involving ABG Shipyard.

The CBI has issued a lookout notice against the company’s former chairman and CMD Rishi Kamlesh Agarwal and eight others in this bank scam of about Rs 23 thousand crores,

Look out notice is issued to prevent an accused from fleeing the country.

The CBI has registered a case against ABG Shipyard Limited and its then chairman Agarwal and others for cheating a consortium of 28 banks to the tune of Rs 22,842 crore.

The agency has also named the then executive director of the company Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal, and Ravi Vimal Nevetia as accused.

The complaint of this fraud was filed in November 2019 on behalf of the consortium of banks.

The agency says that all the accused are in the country. According to the CBI, on the basis of forensic audit in the complaint lodged by SBI, the period of fraud has been mentioned as 2012-17.

But, in the investigation of the case, it has been found that the actual malpractices with the loans received from banks by the company were done between 2005 and 2012.

The company also got most of the loans from banks during the same period.

Bank account became NPA for the first time in 2013.

ABG Shipyard had taken a loan of Rs 22,842 crore from a consortium of 28 banks led by ICICI Bank.

Gradually ABG Shipyard stopped making public repayments, after which this loan account was made NPA on 30 November 2013 by the banks.

Even after that, attempts were made by the banks to revive the company. ABG Shipyard’s account was also restructured on 27th March 2014 under the CDR system.

However, despite this, the situation did not change, so the banks again declared his account as NPA in 2016, which was considered effective from November 30, 2013.

Most of the money of ICICI Bank is trapped.

ICICI Bank has a maximum amount of Rs 7,089 crore in the outstanding debt on the company.

Apart from this, IDBI Bank has 3,634 crores, SBI 2,925 crores, Bank of Baroda 1,614 crores, and PNB 1,200 crores.

13 places were raided on 12 February.

In connection with the investigation of this case, on February 12, the CBI raided the premises of the accused at 13 places in the country.

In this, many incriminating documents were recovered, which is under investigation.