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The Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) has lodged a fresh loan fraud case of Rs 1688 crore against <keyword id="44525" type="General" weightage="100" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword> owner <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> and others. The CBI had last year booked Agarwal for a loan fraud of Rs 22000 crore which was said to be the biggest bank loan fraud. A senior CBI official said that a written complaint was received from <keyword id="321124" type="General" weightage="80" keywordseo="karambir-singh" source="Orion">Karambir Singh</keyword>, Chief Manager, Punjab National Bank (PNB) Mumbai on behalf of other banks (e-OBC, UCO Bank, <keyword id="6355303" type="General" weightage="80" keywordseo="bank-of-india" source="Orion">Bank of India</keyword>, Bank of Baroda (e-Dena Bank) and e-United Bank of India) against Vadraj Cement Ltd, Rishi Kamlesh Agarwal (Promoter-Director), <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword> (Director), <keyword id="2392548" type="General" weightage="80" keywordseo="vijay-prakash-sharma" source="Orion">Vijay Prakash Sharma</keyword> (Professional Director) and others for causing wrongful loss of Rs 1107.62 crore to the consortium of lending banks led by the PNB. The PNB received a letter of consent from the Central Bank of India (part of the consortium) for fraud committed by the said company to the tune of Rs 580.79 crore. "The total amount of fraud and wrongful loss committed by the company towards the consortium of lending banks comes to the tune of Rs 1688.41 crore. After receiving the complaint we lodged a case under sections 120-8, 420 IPC and 13(2) read with 13(1)(d) of PC Act against the accused," said the official. In the coming days, the CBI can now issue summons to all the accused to join the probe in the matter. Further investigation in the matter is on. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-is-in-a-state-of-crisis-difficult-to-predict-how-long-it-will-last-modi/articleshow/96934401.cms">World is in a state of crisis, difficult to predict how long it will last: Modi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bank-staff-to-strike-work-on-jan-30-31/articleshow/96939495.cms">Bank staff to strike work on Jan 30, 31</a>

Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 2,747.69 crore of the ABG Shipyard Limited in bank fraud case. The ED said that the attached assets include Shipyards in Gujarat's Surat and Dahej; agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra; and bank accounts owned by <keyword id="155095" type="General" weightage="80" keywordseo="abg-shipyard-ltd" source="Orion">ABG Shipyard Ltd</keyword>, its group companies and other related entities. The ED initiated a money laundering investigation on the basis of an FIR registered by the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI). Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> availed various credit facilities from consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses, but ABG Shipyard Ltd misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances, investments to various related entities incorporated in India and abroad. It caused monetary loss to the tune of Rs 22,842 crore to the consortium. The ED has traced movable and immovable assets totaling Rs 2747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., <keyword id="78238" type="General" weightage="80" keywordseo="dhananjay-datar" source="Orion">Dhananjay Datar</keyword>, <keyword id="15057158" type="General" weightage="50" keywordseo="savita-dhananjay-datar" source="Orion">Savita Dhananjay Datar</keyword>, <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword>, <keyword id="1896504" type="General" weightage="80" keywordseo="viren-ahuja" source="Orion">Viren Ahuja</keyword> and attached them under the provisions of Prevention of Money Laundering Act (PMLA). Further investigation in the matter is on. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-microfinance-loan-portfolio-stands-at-3-lakh-crore-with-6-crore-unique-borrowers/articleshow/94375376.cms">India’s microfinance loan portfolio stands at ₹3 lakh crore with 6 crore unique borrowers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-did-the-hot-debate-on-moonlighting-start/slidelist/94374503.cms">How did the hot debate on moonlighting start?</a>

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

In its biggest bank fraud case, the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword> has booked <keyword id="54968" type="General" weightage="80" keywordseo="abg" source="Orion">ABG</keyword> Shipyard Ltd and its then Chairman and Managing Director <keyword id="13160809" type="General" weightage="20" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> along with others for allegedly cheating a consortium of banks led by State Bank of India of over ₹22,842 crore, officials said Saturday. Besides Agarwal, the agency has also named the then Executive Director <keyword id="13160808" type="General" weightage="20" keywordseo="santhanam-muthaswamy" source="Orion">Santhanam Muthaswamy</keyword>, Directors Ashwini Kumar, <keyword id="337218" type="General" weightage="20" keywordseo="sushil-kumar-agarwal" source="Orion">Sushil Kumar Agarwal</keyword> and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act, they said. The bank had first filed a complaint on November 8, 2019 on which the CBI had sought some clarifications on March 12, 2020. The bank filed a fresh complaint in August that year. After "scrutinising" for over one and a half-year, the CBI acted on the complaint filing an FIR on February 7, 2022. The company was sanctioned credit facilities from 28 banks and financial institutions with the SBI having exposure of Rs 2468.51 crore, they said. The Forensic Audit has shown that between 2012-17, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust, they said. It is the biggest bank fraud case registered by the Central Bureau of Investigation (CBI). Funds were used for purposes other than for which they were released by banks, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2022-these-are-the-top-10-earners-on-the-first-day-of-the-auction/slidelist/89529916.cms">IPL 2022: These are the top 10 earners on the first day of the auction</a>

CBI books ABG in biggest bank fraud case of over ₹22,842 crore

<ul><li><keyword id="44525" type="General" weightage="80" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword>, one of the most prominent private sector shipyard companies in India, has allegedly defrauded banks of nearly ₹23,000 crore.</li><li>Two systemically important banks, <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> and <keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>, have an exposure of nearly 44%.</li><li>Here’s a full list of banks with exposure to ABG Shipyard, and how their stocks have reacted to the news.</li></ul>The ABG Shipyard fraud case could be the biggest bank fraud case in the history of India, with an exposure of ₹22,842 crore to a consortium of 28 banks led by the State Bank of India and ICICI Bank. Of the total ₹22,842 crore exposure to ABG Shipyard, there are two domestic systemically important banks – otherwise known as ‘too big to fail’ – ICICI Bank and the state-run SBI. <cmsannotation type="cmsannotation" annotationid="Here’s how much exposure each bank has to ABG Shipyard:" comment="subhead" text="Here’s how much exposure each bank has to ABG Shipyard:">Here’s how much exposure each bank has to ABG Shipyard:</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Exposure </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share gain/loss </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ICICI Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,089 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.10% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> IDBI Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,639 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.70% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> SBI </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,925 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.20% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Bank of Baroda </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,614 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.30% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> PNB </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,244 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.80% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Others </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,331 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Total </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,842 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody><tbody></tbody></table> Note: Share gain/loss as of 10:00 a.m., February 14 As per the FIR filed on SBI’s complaint, a forensic audit conducted by Ernst &amp; Young revealed that from April 2012 to June 2017, loans given to the company were siphoned off and were also used to purchase assets for its related parties. The company allegedly also invested some of those loans in its overseas subsidiary. The primary accused in the case are Rishi Kamlesh Agarwal, the company’s former chairman and managing director, Santhanam Muthaswamy, executive director and three other directors – Sushil Kumar Agarwal, Ashwini Kumar and Ravi Vimal Nevetia. The matter surfaced after an audit conducted by EY pointed towards the alleged fraud. A 2019 complaint by SBI was returned by the CBI, seeking an internal investigation by the bank, including the details of fraud committed on other banks which are a part of the consortium. SBI filed a fresh complaint in September 2020, informing the CBI that staff accountability had been dealt with and closed by the competent authority and it was found that its staff was not involved in the alleged fraud. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-wilmar-spicejet-adani-enterprises-ongc-and-other-hot-stocks-on-february-14/slidelist/89556333.cms">Adani Wilmar, SpiceJet, Adani Enterprises, ONGC and other hot stocks on February 14</a> <a href="https://www.businessinsider.in/tech/news/what-to-expect-at-apples-march-8-event-iphone-se-3-ipad-air-5-and-new-mac-mini/articleshow/89398279.cms">iPhone SE 3, iPad Air 5 and everything else you need to know about Apple's March 8 event</a> <a href="https://www.businessinsider.in/stock-market/news/ahead-of-lic-ipo-investors-are-selling-insurance-company-stocks/articleshow/89503445.cms">Ahead of LIC IPO, investors are selling insurance company stocks</a>

SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India

New Delhi, Mar 25 () Markets regulator Sebi has directed Second Land Developers Pvt Ltd (SLDPL), now known as Shivris Resources Pvt Ltd, and its senior officials to pay illegal gains of a little over Rs 101 crore to ABG Shipyard Ltd within three months. The amount has to be paid along with an annual interest rate of 8 per cent. Second Land Developers, also called ABG Resources, is now known as Shivris Resources Pvt Ltd. The firm is also a promoter group entity of ABG Shipyard. The senior officials -- Rishi Agarwal and Kamlesh Kumar Agarwal -- were directors of Second Land Developers, promoters of ABG, and also held the position of chairman in ABG. The matter pertains to diversion of funds to the tune of Rs 101 crore from ABG for undue benefit to Second Land Developers. Thereby, creating a financial loss to the public shareholders of the company and illegal gains to the promoter group entity. Besides, the financial results declared by ABG Shipyard for the financial years 2008-14 were also incorrect and mis-stated. "ABG, a publicly listed company, has utilised the three entities for obtaining bogus purchase bills to the tune of Rs 101 crore, and utilised the cash generated out of such bogus transactions towards the removal of illegal encroachers on the land belonging to SLDPL, a promoter group entity. The company has also mis-stated the accounts and published incorrect financial results for FY 2008-14 in order to facilitate the entire artifice of fund diversion," Sebi said. SLDPL and the senior officials have violated the Prohibition of Fraudulent and Unfair Trade Practices norms and have been directed to refund the illegal gains to ABG Shipyard. Among other directions, the entities have been restrained from accessing the securities market for four years from the date of completion of refund and the senior officials have been directed not to hold any key managerial position in any listed entity during the period of restraint. The directions related to refund "shall take effect on the expiry of two months from the date of this order in view of the extraordinary situation caused by COVID-19 pandemic," Sebi said in an order dated March 24. SRS HRS

You Searched For "rishi kamlesh agarwal" and got 5 results

Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

IANS

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

IANS

CBI books ABG in biggest bank fraud case of over ₹22,842 crore

PTI

SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India

Rounak Jain

Sebi directs Second Land Developers, officials to refund Rs 101 cr to ABG Shipyard

PTI

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