CBI Arrests Rishi Agarwal


The Central Bureau of Investigation on Wednesday arrested 

former ABG Shipyard chairman and managing director

Rishi Agarwal in its ongoing probe into an alleged bank fraud.

The company is accused of duping a consortium of lenders of 

₹22,842 crore. On a complaint from State Bank of India, the

CBI earlier this year registered a case including against ABG 

Shipyard, Agarwal and some unknown public servants. The

company allegedly transferred funds raised through the bank

loans to its related parties, the CBI said in a press release. 

The money was also used for investment in an overseas 

subsidiary and purchase of assets in the name of its related parties, it said.