The CBI on Tuesday said it has issued look out notices against Rishi Kamlesh Agarwal, the former chairman and managing director of ABG Shipyard, and eight others in a bank fraud case of over Rs 22,842 crore. The agency in a statement said Look Out Circulars (LOCs) have already been opened by the Central Bureau of Investigation (CBI) against the accused, while maintaining that the accused have been located in India. The look out notices have been issued to prevent them from leaving the country, officials said.
The State Bank of India (SBI) had also opened LOC against the main accused in 2019. The CBI has booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks of over Rs 22,842 crore. The agency has also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said.
In continuation of the investigation, the CBI conducted searches at 13 locations on February 12. The officials claimed they had received several incriminating documents, such as books of accounts of the accused borrower company, which was being scrutinised. The bank had first filed a complaint on November 8, 2019…
