The Central Bureau of Investigation (CBI) on Saturday filed an FIR against ABG Shipyards and its directors for allegedly deceiving a consortium of banks out of Rs 22,842 crore.
A complaint has been filed against them by the State Bank of India (SBI). Acting on the SBI’s complaint, the CBI filed the FIR naming Rishi Aggarwal and Santhanam Muthuswamy, directors of ABG Shipyards as defendants.
The company, through its directors, took out a loan of Rs 2,925 crore from the SBI and willfully failed to pay. They also took out loans from different banks and never repaid them.
Initially, they borrowed SBI and gained their trust. Later, they were able to take out a loan from a consortium of banks.
“They took a loan of Rs 1,228 from Indian Overseas Bank, Rs 1,244 crore from Punjab National Bank, Rs 1,614 crore from Bank of Baroda, Rs 7,089 crore from ICICI Bank and Rs 3,634 crore from IDBI Bank Later they failed to pay the Initially the bank launched an internal investigation in which it was found that the company was deceiving the consortium of banks by embezzling funds to different entities,” the CBI source said.
The CBI has now filed an FIR and seeing the seriousness of the matter, it has formed a team of its elite officials to look into it. In the coming days, the CBI may summon the directors of ABG Shipyards to join the investigation and will record their statements.
It is also possible that leaders of the ABG group will be arrested.
ABG Shipyards is linked to the company of the ABG group which carries out its activities in ship repair and construction. They have shipyards in Gujrat.
The official said further investigation is underway.
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