In its biggest bank loan scam involving over Rs 23,000 crore, the Central Bureau of Investigation issued Look Out Circulars (LOCs) against directors of ABG Shipyard on Tuesday. The Directors of the shipping firm include Rishi Agarwal, Santhanam Muthuswamy and Ashwini Kumar.
The development comes after the Central agency in continuation with its investigation conducted searches at 13 locations on February 12, and recovered incriminating documents, such as books of accounts of accused borrower company, purchase/sales details, minutes of meetings of Board, share registers, various contract files.
“Accused have been located in India. Subsequently, LOCs against the accused have already been opened by CBI,” the Central agency said in a statement.
ABG Shipyard bank loan scam
ABG Shipyard is the flagship company of the ABG Group which is engaged in shipbuilding and ship repair. The ABGSL being a major player in the Indian shipbuilding industry operates from shipyards are located at Dahej and Surat in Gujarat with the capacity to build vessels up to 18,000 deadweight tonnage (DWT) at Surat Shipyard and 1,20,000 deadweight tonnage (DWT) at Dahej Shipyard.
The Central agency started its investigation against ABG Shipyard on the complaint filed by SBI. The bank had first filed a complaint on 8 November 2019, on which the CBI had sought some clarifications on 12 March 2020. The bank filed a fresh complaint in August that year. After scrutinising for over…
