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ABG Shipyard Bank Fraud Case: Rishi Agarwal, MD of ABG Shipyard Booked for a Massive Scam


ABG Shipyard Bank Fraud Case: Rishi Agarwal, the former Promoter and the Managing director of ABG Shipyard, got booked for cheating a consortium of banks that SBI bank leads. This is one of India’s biggest bank frauds. Banks had to face a huge loss. Spiritualism leads to the right path. 

ABG Shipyard Bank Fraud: Highlights 

  • Rishi Agarwal was the managing director of ABG Shipyard.
  • ABG Shipyard was incorporated on March 15, 1985.
  • CBI searched Rishi Agarwal’s residence in Mumbai.
  • ABG Shipyard, Rishi Agarwal and directors of the firm defrauded 23 thousand banks.
  • The estimated amount of fraud is ₹ 22,842 crore.
  • Most of the disbursements took place between 2005 and 2012.
  • The fraud is on the account of a huge transfer by AGP Shipyard Ltd. to its related parties.
  • After verification, the FIR was registered on February 7, 2022.
  • A Look Out Circular (LOC) is issued against the accused for preventing him from leaving the country.
  • Only True Devotion leads to the right path free from illegal activities.

Who Is Rishi Agarwal?

Rishi Agarwal is a resident of Surat. His complete name is Rishi Kamlesh Agarwal. He is also related to the industrial family known as the Ruia brothers. He was the Managing director of ABG Shipyard. This is the leading company of ABG group that was incorporated on March 15, 1985. He was the former Promoter of Gujarat based ABG Shipyard limited. This is the leading company that is involved in repairing ships and shipbuilding business.

Rishi Agarwal, ABG Shipyard and other directors are booked for cheating the consortium of 28 banks with the amount of ₹ 22,848. There are other directors as well who are accused and whom CBI booked for the fraud case. They are Santhanam Muthaswamy (executive director), Ashwini Kumar (director), Sushil Kumar Agarwal (director), Ravi Vimal Nevetia (Director). 

Statement of Finance Minister on ABG Shipyard Bank Fraud Case

ABG Shipyard Bank Fraud Case News Update: The Finance Minister Nirmala Sitharaman gave the statement on Rishi Agarwal’s scam. She cleared that on 30, November 2013, the account of the Shipyard company turned into NPA (non performing assets) because it was not doing well. According to the reports, most of the payments took place between 2005 and 2012.

ABG Shipyard Bank Fraud: What Does the Forensic Audit Report Tell About the Scam?

In 2019, Ernst and Young LLP revealed in a Forensic Audit report that Rishi Agarwal, ABG Shipyard company and other directors were the accused in the fraud with the bank from 2012 to 2017. It took three to four years for the forensic auditors to reach the depth of the matter. They reported that all (Rishi Agarwal, ABG Shipyard company and other directors) are involved in illegal activities that they are not using bank money for the actual purpose mentioned, diverting the bank money and are breaking the norms of the bank. SBI and ICICI banks suffered a huge loss of ₹22842 crores. 

Also Read: Sanjay Raut’s Wife Was Allegedly Involved In A 5 Million Fraud

The funds were not used for the actual purpose which the company mentioned to the bank. This is a fraud that comes under breaching the trust and misusing the money of the bank. SBI Bank along with CBI Bank filed a case against the ABG Shipyard company and Rishi Agarwal. 

ABG Shipyard Bank Fraud: Reason for the Downfall of the Company

The major reason for the downfall of the company is the fall in the demand of ships. The company could not perform at its best and unfortunately because of the Global Crisis, this business also had to face a downfall. The items were not in demand, which ruined the business of ABG Shipyard company.

Look Out Circular for Rishi Agarwal

On the complaint of SBI and ICICI banks, CBI issued a circular against Rishi Agarwal and other accused for preventing them from leaving the country.

Spiritualism Leads to Right Path

The root cause of people becoming materialistic nowadays is the hunger for earning more money. They have become so mean that they think about them only. The only way to abstain from illegal activities is true devotion. The mentality of the individuals surely changes when they worship the Supreme Power by taking true mantras from an authorized Saint.

Who Is the Authorized Saint Today?

At present Sant Rampal Ji Maharaj is the only authorized Saint. His followers are not greedy and have a sense of satisfaction in everything. Obeying His Teachings, His followers are also not engaged in any of the illegal activities ongoing in the world. Read His Sacred Book Way of Living to know more. 

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