cbi: CBI FIR against Gujarat Shipping Company for duping banks out of Rs 23,000 cr

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NEW DELHI: The CBI has filed an FIR against a Gujarat-based shipping company and its directors for allegedly duping a consortium of banks out of Rs 22,842 crore. On Saturday, the agency also carried out searches at 13 premises of the accused company and its officials located in Surat, Bharuch, Mumbai and Pune, which resulted in the recovery of incriminating documents.
The agency named ABG Shipyard and its directors Rishi Kamlesh Agarwal, Santhanam Muthaswamy, Ashwini Kumar, Sushil Agarwal, Ravi Vimal Nevetia and ABG International Pvt Ltd as defendants in the FIR. The CBI is also investigating the role of officials and bank officials in the fraud. It is one of the biggest fraud cases investigated by the anti-corruption agency in terms of money misappropriated in a single case, sources said. The CBI filed the FIR on a complaint by the State Bank of India for allegedly causing a massive loss to the Treasury.
“It was alleged that the said defendant deceived the consortium of 28 banks, including the branches of the former State Bank of Patiala, Commercial Finance Branch, New Delhi, the former State Bank of Travancore, Commercial Branch, New Delhi, State Bank of India, Overseas Branch, Mumbai, etc. The consortium of 28 banks was led by ICICI Bank,” CBI spokesman RC Joshi said. ABG Shipyard, which is based in Surat, was engaged in shipbuilding and ship repair.
According to the CBI FIR, the company – which is believed to have built over 160 vessels – owed Rs 7,089 crore to ICICI Bank, Rs 3,634 crore to IDBI Bank, Rs 2,925 crore to SBI, Rs 1,614 crore to Bank of Baroda and more than Rs 1,200 crores to Punjab National Bank and Indian Overseas Bank.
According to the forensic audit report submitted to the CBI by the banks, ABG Shipyard and its directors misappropriated and misappropriated the loan proceeds, thereby committing a criminal act.
It was also alleged that the defendants colluded and that huge sums were transferred by the company to its related parties and that adjusting entries were then made.
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