The Central Bureau of Investigation has arrested Rishi Kamlesh Agarwal, former chairman and managing director of the ABG Shipyard Limited, in connection with the ₹22,842-crore bank fraud case.
According to the CBI, Mr. Agarwal was part of the conspiracy to cheat a consortium of 28 banks that had extended loans to the company from 2005 to 2012. Among the accused are Santhanam Muthaswamy, Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia and ABG International Private Limited.
The alleged fraud was detected during a forensic audit of the loan account involving transactions from April 2012 to July 2017. Based on the findings, the account was declared as fraud in June 2019. It had become a non-performing asset in July 2016 with effect from November 30, 2013.
