Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

The Central Bureau of Investigation (CBI) has lodged a fresh loan fraud case of Rs 1688 crore against ABG Shipyard owner Rishi Kamlesh Agarwal and others.

The CBI had last year booked Agarwal for a loan fraud of Rs 22000 crore which was said to be the biggest bank loan fraud.

A senior CBI official said that a written complaint was received from Karambir Singh, Chief Manager, Punjab National Bank (PNB) Mumbai on behalf of other banks (e-OBC, UCO Bank, Bank of India, Bank of Baroda (e-Dena Bank) and e-United Bank of India) against Vadraj Cement Ltd, Rishi Kamlesh Agarwal (Promoter-Director), Krishna Gopal Toshniwal (Director), Vijay Prakash Sharma (Professional Director) and others for causing wrongful loss of Rs 1107.62 crore to the consortium of lending banks led by the PNB.

The PNB received a letter of consent from the Central Bank of India (part of the consortium) for fraud committed by the said company to the tune of Rs 580.79 crore.

"The total amount of fraud and wrongful loss committed by the company towards the consortium of lending banks comes to the tune of Rs 1688.41 crore. After receiving the complaint we lodged a case under sections 120-8, 420 IPC and 13(2) read with 13(1)(d) of PC Act against the accused," said the official.

In the coming days, the CBI can now issue summons to all the accused to join the probe in the matter.

Further investigation in the matter is on.

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