Special Correspondent
The Central Bureau of Investigation has questioned Rishi Kamlesh Agarwal, former chairman and managing director of ABG Shipyard Limited, in connection with the ₹22,842–crore bank fraud case.
Mr. Agarwal has been named as one of the accused persons in the First Information Report registered by the agency on February 7. As alleged, he was part of the conspiracy to commit the offence, owing to which a consortium of 28 banks suffered losses. The company had taken the credit facilities from the banks between 2005 and 2012.
The loan account was restructured under the Corporate Debt Restructuring mechanism on March 27, 2014. However, due to non–payment of interest and dues, the account was declared a non–performing asset on July 30, 2016, with effect from November 30, 2013. It was also alleged that funds were diverted to 98 related entities and assets acquired.
