ABG Shipyard: 22,842 crore bank loan fraud,ED seizes 2,747 crore assets
In 2016, the loan was declared non-performing assets and in 2019, it was revealed to be a massive fraud.
![ABG Shipyard: 22,842 crore bank loan fraud](https://www.sabnews24x7.com/wp-content/uploads/2022/09/ABG-1200-webp-780x470.webp)
New Delhi: A day after the CBI arrested the chairman of ABG Shipard Company, Rishi Agarwal, the ED has seized the company’s assets worth Rs 2747 crore. These assets include shipyards (shipbuilding and repair centers) of the company in Surat and Dahesh, properties of some of the company’s branches, agricultural land and commercial plots, commercial and residential buildings of the company in Gujarat and Maharashtra, bank accounts etc. Under the Prevention of Money Laundering Act, 2002 this action has been taken.
![](https://www.sabnews24x7.com/wp-content/uploads/2022/09/Rishi_Agarwal.jpg)
The company defrauded a bank consortium led by State Bank of Rs 22,842 crore between 2012 and 2017 through various fake transactions. But instead of investing the money in the work for which the loan was brought, it was invested in other work. In 2016, the loan was declared non-performing assets and in 2019, it was revealed to be a massive fraud.
In this case, the CBI has registered a case in the name of ABG Company and CMD Rishi Agarwal in February this year and started investigation. In the same month, ED registered a case against the company and started investigation.
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