The Centre Bureau of Investigation (CBI) has filed a chargesheet in Rs 22,000 crore loan fraud case against ABG Shipyard and 24 others including its CMD and other officials.
In its first chargesheet in the matter, the agency has mentioned that the accused bought real estates with the money across the country.
The CBI in its probe has established the transctions of Rs 5000 crore made through various channel.
The agency had registered the case on February 7 against ABG Shipyard, its CMD Rishi Kamlesh Aggarwal, CFO Dhananjay Datar Corporate Guarantor and unknown persons.
The complainant – State Bank of India, in its complaint had alleged that the accused had cheated the consortium of 28 banks, led by ICICI bank, causing fraud of Rs 22,842 crore.
The CBI has mentioned that huge amounts were allegedly transferred by the accused to its related parties and subsequently adjustment entries were made.
Huge investment were made in its overseas subsidiary by diverting the bank loans. It was also alleged that funds from banks were diverted to purchase of huge assets in the name of its related parties.
Searches were earlier conducted at around 13 locations on February 12, which had led to the recovery of several incriminating documents including books of accounts of borrower company, purchase, sales details, Share registers, various contract files etc.
LOCs were also issued against the accused.
During the investigation conducted at various places, several witnesses including officials of said private company, bank officials were examined.
The CBI arrested then Promoter and Chairman on September 21. It was found during investigation that the accused conspired with others and got incorporated several entities both within and outside the country with the help of his employees and continuously kept on diverting and siphoning off bank funds.
It was learnt during the investigation that the accused fraudulently siphoned off huge amount of bank/business fund of said private company and large number of personal assets in the form of immovable properties including luxurious flats, multistoried buildings and lands (having present value in crores), were created.
The accused are stated to have also misrepresented and falsified the audited books of the company.
False entries with regard to Corporate Guarantees, Overstatement of subsidy amount and non-disclosure of non-fund based credit facilities availed from banks or financial institutions, were made in the audited financial statements.
The CBI has said that their investigations have revealed sham contracts by ABG Shipyard with its three Singapore based three offshore group entities fraudulently getting numerous Bank Guarantees issued between 2010-2013 resulting into alleged diversion and subsequent loss to the banks.
“ABG Shipyad allegedly siphoned off public money by establishing Letter of Credits in favour of another Singapore based firm purportedly for import of designs and drawings for various cassels/hulls. Investigation have also found diversion through creation of web of companies, part of which was used to acquire properties at prominent locations including in Mumbai and Surat. These include four luxurious flats in Mumbai, one residential tower in Mumbai having 14 flats, and commercial land measuring around 5-6 acre in Surat,” the CBI has mentioned in the chargesheet.
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