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.