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Gujarat Shipbuilding Firm Involved in Rs 22,000 Crore Loan Fraud: CBI Investigation

By NDP newsroom

The Central Bureau of Investigation (CBI) has booked Gujarat-based ABG Shipyard Ltd (ABGSL) and its top executives for defrauding banks to the tune of Rs 22,842 crore, one of India's largest loan fraud cases. The company’s former chairman, Rishi Kamlesh Agarwal, and several directors are named in the case, along with ABG International Pvt Ltd, another company involved in the alleged conspiracy.

Between 2012 and 2017, ABGSL is accused of diverting funds from loans through subsidiaries, including one in Singapore. The loans, which were declared non-performing assets (NPA) in 2016, were allegedly misused to purchase assets and transfer money to related parties. A forensic audit revealed circular transactions, where funds were transferred and returned to the same entities, making it difficult to trace the actual use of funds.

The fraud case came to light after a complaint from the State Bank of India, a major lender, and the CBI launched its investigation in 2019. The agency has conducted searches at multiple locations, including Surat, Mumbai, and Pune. ABG Shipyard, a significant player in India’s shipbuilding industry, had constructed over 165 vessels but struggled due to the global shipping crisis, leading to the fraudulent practices uncovered in the audit.

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