CBI arrests ABG Shipyard Ex-Chairman

Mumbai: The Central Bureau of Investigation on Wednesday arrested former ABG Shipyard chairman and managing director Rishi Agarwal in its ongoing probe into an alleged bank fraud. The company is accused of duping a consortium of lenders of ₹22,842 crore. On a complaint from State Bank of India, the CBI earlier this year registered a case including against ABG Shipyard, Agarwal and some unknown public servants.

The company allegedly transferred funds raised through the bank loans to its related parties, the CBI said in a press release. The money was also used for investment in an overseas subsidiary and purchase of assets in the name of its related parties, it said.