Rishi Agarwal, the previous chairman and MD of ABG Shipyard Ltd, has been questioned by the CBI in regards to the Rs 22,842 crore financial institution fraud. In line with sources, the company searched Rishi Agarwal house on Saturday, issued a summons, and requested him this week. To study extra about him, learn this text.
Rishi Agrawal – Who’s He?
As a part of its investigation into India’s most huge suspected monetary fraud, Rs 22,848 crore, the Central Bureau of Investigation (CBI) stated that it had not too long ago questioned Rishi Agarwal, the previous chairman and managing director of ABG Shipyard Restricted. In line with sources, the enterprise searched his residence on Saturday and issued a summons.
Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar, the corporate’s earlier directors, are being investigated. The CBI jumped into motion after submitting an FIR on February 7 in response to a grievance submitted by the State Financial institution of India (SBI) on August 25, 2020.
Rishi Agrawal Biography
The CBI has charged Rishi Kamlesh Agarwal, the previous Chairman and Managing Director (MD) of ABG Shipyard Ltd, with felony conspiracy, dishonesty, prison breach of obligation, and misuse of public place in violation of the Indian Penal Code and the Prevention of Corruption Act. He’s additionally the Gujarat-based Vadaraj Vitality Ltd’s MD.
It’s CBI’s most important monetary establishment fraud case so far. ABG Shipyard Ltd makes a speciality of shipbuilding and restoration. It has yards in Surat and Dahej, Gujarat. On the Surat shipyard, the corporate can construct boats with a deadweight tonnage of as much as 18,000 tonnes, whereas on the Dahej plant, it may well construct vessels with a deadweight load of as much as 1.20 lakh tonnes.
The fearsome Agarwal is answerable for establishing scale and sophistication. ABG was based when Agarwal purchased Magdala Shipyard Pvt Ltd, a tiny shipbuilding plant and small boat repairer. The shipyard was capable of construct bulk carriers, specialised protection autos, and different huge ships by 2005. The Indian Navy awarded ABG an Rs. 970 crore contract in 2011 to construct two cadet tutoring ships.
He was, nonetheless, closely in debt. Revenues have been Rs 16.40 crore in 2016/17, whereas debt was Rs 10,000 crore. In 2016, a restructuring noticed lenders purchase management of the corporate by changing debt into fairness. By the point it got here up for a judgment, Agarwal had nothing to do along with his firm. Shri Balaji Singh Samanta, DGM, State Financial institution of India, SAM Department, The Arcade, II Flooring, World Commerce Centre, Cuffe Parade, Colaba, Mumbai-400005, has filed a written grievance in opposition to the corporate M/s ABG Shipyard Ltd. They’ve a registered workplace at Magdala Village, Off Dumas Highway, Surat-395007, Gujarat.
Rishi Agarwal Web Value and Household
Along with Agarwal, the enterprise has listed Santhanam Muthaswamy, Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, and one other firm, ABG Worldwide Pvt Ltd, as defendants within the lawsuit. Twenty-eight banks and monetary establishments granted credit score scoring providers to the corporate, with a complete publicity of Rs 2468.51 crore. ICICI Financial institution ICICI Financial institution (Rs 7,089 crore).
- IDBI Financial institution (Rs 3,634 crore).
- Financial institution of Baroda (Rs 1,614 crore).
- PNB (Rs 1,244 crore and IOB (Rs 1,228 crore).
- ICICI Financial institution headed the consortium of 28 banks.
Agarwal is the nephew of the Ruia brothers Shashi and Ravi. He not too long ago reaffirmed their multi-billionaire standing when their 33 p.c stake in Hutchison Essar was valued at over $6 billion after Vodafone acquired it. ABG relies close to Essar’s Hazira manufacturing unit in Gujarat, working from a shipyard. In 2016-17 was Rs16.40 crore, however his debt was Rs10,000 crore.
Rishi Agarwal Controversy
ABG Shipyard has constructed over 165 boats within the final 16 years. The mortgage account of ABG Shipyard was initially designated as a non-performing asset (NPA) in July 2016. SBI filed a grievance on November 8, 2019. In 2019, the mortgage account was dominated fraudulent. In August 2020, SBI filed a brand new go well with. On February 7, 2023, CBI took motion on SBI’s grievance after “scrutinizing” the grievance’s FIR for practically one and a half years.
Aside from Agarwal, the CBI has recognized Santhanam Muthaswamy, administrators Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, and one other enterprise, ABG Worldwide Pvt Ltd. A prison conspiracy cost has been filed in opposition to them, dishonest, prison breach of belief, and misuse of public place in violation of the IPC and the Prevention of Corruption Act. The CBI acknowledged in an official assertion that on Saturday, February 12, it searched 13 locations in Surat, together with the properties of the accused, together with personal agency administrators.
ABG Shipyard Firm
ABG Shipyard Enterprise is a personal restricted firm based mostly in Surat, Gujarat, specializing in shipbuilding. The proprietor and chairman of ABG Shipyard are Rishi Kamlesh Agarwal. This agency was based in 1985 and relies in Mumbai. ABG Shipyard Firm is a shipyard that builds new ships, fixes them, and sells its parts. Greater than 175 new ships have been made to date, with provides coming from contained in the nation and abroad.