Mumbai: CBI look-out notice for ABG Shipyard directors

They are accused in country RS 22,842 crore fraud

Newsflixall.com 

Feb,17,2022/ Thursday 11:14 pm / (IST) posted By: Newsflixall.com

The Central Bureau of Investigation on Tuesday issued lookout circulars for the accused in a Rs 22,842 crore loan fraud case - the biggest in the country thus far. The accused are the ABG Shipyard's directors and promoters -- Rishi Kamlesh Agarwal, Santhanam Muthaswamy, Ashwani Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia; the circular is intended to alert the authorities at ports, airports and other entry and exit points, so that they can be apprehended if they try to flee the country. The accused have been located in India. Subsequently,

 

        the LOCs were issued by the CBI. Earlier, the State Bank of India had also put out LOCs against the main accused in 2019, said a CBI officer. ABG Shipyard allegedly defrauded 28 banks, including the SBI, of Rs 22,842 crores; these funds were diverted to at least 98 related companies, including an international subsidiary,

      sources told a TV channel. ABG Shipyard was engaged in shipbuilding and ship repair and its yards were located in Dahej and Surat in Gujarat. The Congress party has raked up the company's Gujarat past and how it was extended undue favours by the powers that be.