: Rs 22,842 crore bank fraud: CBI issues lookout notices against ABG Shipyard directors #IndiaNEWS The Central Bureau of Investigation said on Tuesday that lookout circulars have been issued against

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Rs 22,842 crore bank fraud: CBI issues lookout notices against ABG Shipyard directors #IndiaNEWS
The Central Bureau of Investigation said on Tuesday that lookout circulars have been issued against the accused persons in the ABG Shipyard bank fraud case. A lookout circular is issued to stop any person wanted by the law enforcement authorities from leaving the country via airports and border crossings.The case pertains to the alleged defrauding of a consortium of banks to the tune of Rs 22,842 crore by Gujarat-based shipbuilding company ABG Shipyard. The CBI had filed a first information report in connection with the matter on February 12. This is reportedly the biggest bank fraud case that the agency has registered.The CBI has booked the company’s former Managing Director Rishi Agarwal, Executive Director Santhanam Muthuswamy, and directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia in the case. They have been charged with criminal conspiracy, cheating, criminal breach of trust and abuse of official position.In a statement on Tuesday, the central agency said that the fraud was related to huge transfers by the shipbuilding company to its related parties and subsequent entries in the books to adjust for the discrepancies.“It is also alleged that huge investments were made in its overseas subsidiary by diverting bank loans,� the CBI claimed. “The critical period of the investigation is...Read more

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