<p>The CBI on Saturday filed a charge sheet against former ABG group chairman Rishi Agarwal and other individuals and entities in connection with the alleged Rs 22,842-crore bank fraud in the ABG Shipyard Ltd, officials said on Saturday. </p>.<p>In its charge sheet filed before the special CBI court here, the agency has named as accused Agarwal and five individuals and 19 companies including three Singapore-based firms, they said.</p>.<p>"It was found during investigation that the accused conspired with others & got incorporated several entities both within India and outside India with the help of his employees and continuously kept on diverting and siphoning off bank funds," a CBI spokesperson said in a statement. </p>.<p>The charge sheet has alleged the accused siphoned off huge amount of bank and business funds of the ABG Shipyard and created large number of personal assets in the form of immovable properties including luxurious flats, multi-storeyed buildings and lands (having present value in crores).</p>.<p>Investigations have also found diversion of bank funds through creation of web of companies, part of which was used to acquire properties at prominent locations including in Mumbai and Surat, the CBI spokesperson said.</p>.<p>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, he said.</p>.<p>The agency has so far detected alleged diversion of Rs 5,000 crore and has kept the probe open, officials said.</p>.<p>Some luxury properties of Agarwal have been seized by the CBI as well, they said.</p>.<p>The CBI has alleged that accused misrepresented and falsified the audited books of the company. </p>.<p>"False entries and information with regard to corporate guarantees, overstatement of subsidy amount and non-disclosure of non-fund based credit facilities availed from banks and financial institutions, were made in the audited financial statements," the statement said.</p>.<p>It said that CBI probe has shown "sham contracts" by the company with its three Singapore-based offshore group entities fraudulently getting numerous bank guarantees issued between 2010-2013 resulting into alleged diversion and subsequent loss to the banks.</p>.<p>"It was also found that borrower company 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 vessels," the agency said.</p>.<p>The 25 against whom the charge sheet has been filed include former Chairman ABG Shipyard Ltd Rishi Agarwal, the company and former officials -- CFO Dhananjay Datar, Vice President Accounts Praveen Bhandari, then Assistant Vice President (Accounts), Santhanam Muthuswamy, one Balaji Gopal and M.N. Ahmed of a company Nisar and Kumar. </p>.<p>The agency had registered the case on February 7 this year under the IPC and the Prevention of Corruption Act on a complaint from the State Bank of India for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position.</p>.<p>Agarwal was arrested on September 21 and is presently in judicial custody.</p>.<p>"The SBI with an exposure of Rs 2,468.51 crore was part of a consortium of 28 banks and financial institutions led by ICICI Bank. The ABG Shipyard being a major player in Indian ship building industry operated from its shipyards located at Dahej and Surat in Gujarat with capacity to build vessels up to 18,000 dead weight tonnage (DWT) at Surat shipyard and 1,20,000 dead weight tonnage (DWT) at Dahej shipyard," an FIR had alleged.</p>.<p>The agency had conducted searches on February 12 that led to the recovery of books of accounts of borrower company, purchase and sales details, share registers, various contract files etc. </p>.<p>Further, LOCs against the accused had been opened, the CBI said, adding, "During investigation conducted at various places, several witnesses including officials of the said private company, bank officials, etc were examined," it said.</p>
<p>The CBI on Saturday filed a charge sheet against former ABG group chairman Rishi Agarwal and other individuals and entities in connection with the alleged Rs 22,842-crore bank fraud in the ABG Shipyard Ltd, officials said on Saturday. </p>.<p>In its charge sheet filed before the special CBI court here, the agency has named as accused Agarwal and five individuals and 19 companies including three Singapore-based firms, they said.</p>.<p>"It was found during investigation that the accused conspired with others & got incorporated several entities both within India and outside India with the help of his employees and continuously kept on diverting and siphoning off bank funds," a CBI spokesperson said in a statement. </p>.<p>The charge sheet has alleged the accused siphoned off huge amount of bank and business funds of the ABG Shipyard and created large number of personal assets in the form of immovable properties including luxurious flats, multi-storeyed buildings and lands (having present value in crores).</p>.<p>Investigations have also found diversion of bank funds through creation of web of companies, part of which was used to acquire properties at prominent locations including in Mumbai and Surat, the CBI spokesperson said.</p>.<p>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, he said.</p>.<p>The agency has so far detected alleged diversion of Rs 5,000 crore and has kept the probe open, officials said.</p>.<p>Some luxury properties of Agarwal have been seized by the CBI as well, they said.</p>.<p>The CBI has alleged that accused misrepresented and falsified the audited books of the company. </p>.<p>"False entries and information with regard to corporate guarantees, overstatement of subsidy amount and non-disclosure of non-fund based credit facilities availed from banks and financial institutions, were made in the audited financial statements," the statement said.</p>.<p>It said that CBI probe has shown "sham contracts" by the company with its three Singapore-based offshore group entities fraudulently getting numerous bank guarantees issued between 2010-2013 resulting into alleged diversion and subsequent loss to the banks.</p>.<p>"It was also found that borrower company 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 vessels," the agency said.</p>.<p>The 25 against whom the charge sheet has been filed include former Chairman ABG Shipyard Ltd Rishi Agarwal, the company and former officials -- CFO Dhananjay Datar, Vice President Accounts Praveen Bhandari, then Assistant Vice President (Accounts), Santhanam Muthuswamy, one Balaji Gopal and M.N. Ahmed of a company Nisar and Kumar. </p>.<p>The agency had registered the case on February 7 this year under the IPC and the Prevention of Corruption Act on a complaint from the State Bank of India for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position.</p>.<p>Agarwal was arrested on September 21 and is presently in judicial custody.</p>.<p>"The SBI with an exposure of Rs 2,468.51 crore was part of a consortium of 28 banks and financial institutions led by ICICI Bank. The ABG Shipyard being a major player in Indian ship building industry operated from its shipyards located at Dahej and Surat in Gujarat with capacity to build vessels up to 18,000 dead weight tonnage (DWT) at Surat shipyard and 1,20,000 dead weight tonnage (DWT) at Dahej shipyard," an FIR had alleged.</p>.<p>The agency had conducted searches on February 12 that led to the recovery of books of accounts of borrower company, purchase and sales details, share registers, various contract files etc. </p>.<p>Further, LOCs against the accused had been opened, the CBI said, adding, "During investigation conducted at various places, several witnesses including officials of the said private company, bank officials, etc were examined," it said.</p>