ABG Shipyard: All You Need To Know About Rs 23,000 Crore Loan Scam

ABG Shipyard has been accused of loan fraud by a consortium of 28 banks led by the State Bank of India.

The Central Bureau of Investigation (CBI) on Thursday said that it recently questioned Rishi Agarwal, former chairman and managing director of ABG Shipyard Limited, in connection with its probe into the Rs 22,848 crore alleged banking fraud, said to be India's biggest. Sources said the agency searched his house on Saturday after which summons were issued.

The agency is investigating the company and its former directors - Rishi Agarwal, Santhanam Muthuswamy and Ashwini Kumar.

The CBI swung into action after registering the FIR on February 7 on a complaint filed by State Bank of India (SBI) on August 25, 2020.

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