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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

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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

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