Govt asks SFIO to expedite investigation in ABG Shipyard case
Earlier, the Central Bureau of Investigation had registered a case against the company and its former chairman and managing director Rishi Kamlesh Agarwal.
- Mar 16, 2022,
- Updated Mar 16, 2022 2:35 PM IST
The Centre has asked the Serious Fraud Investigation office (SFIO) to expedite the probe in the alleged siphoning off of funds in the bankrupt ABG Shipyard case.
Government sources told Business Today TV that while the SFIO has been probing the books of ABG Shipyard since 2019, the government has now asked for the investigation to be expedited and a report to be submitted soon.
Earlier, the Central Bureau of Investigation (CBI) had registered a case against the company and its former chairman and managing director Rishi Kamlesh Agarwal. The FIR names the alleged accused in what is alleged to be a Rs 22,848-crore fraud.
"The Ministry of Corporate Affairs will be reviewing big fraud cases this month with the SFIO. We are expecting a report on the ABG Shipyard matter soon," the sources added.
The scam was initially flagged in November 2019, when the State Bank of India (SBI) tasked EY to conduct a forensic audit of the company. Based on this audit, SBI filed a complaint with the CBI in November 2019. In response, the CBI asked the bank to also conduct an "internal probe" to see if any bank employees were involved with the alleged scam.
In 2019, a probe report by SFIO on the IL&FS Group listed 13 loan accounts of the beleaguered ABG conglomerate, including personal loans allegedly given without following due process.
Meanwhile, the Enforcement Directorate also filed a money laundering case against ABG Shipyard and its promoters last month.
The Centre has asked the Serious Fraud Investigation office (SFIO) to expedite the probe in the alleged siphoning off of funds in the bankrupt ABG Shipyard case.
Government sources told Business Today TV that while the SFIO has been probing the books of ABG Shipyard since 2019, the government has now asked for the investigation to be expedited and a report to be submitted soon.
Earlier, the Central Bureau of Investigation (CBI) had registered a case against the company and its former chairman and managing director Rishi Kamlesh Agarwal. The FIR names the alleged accused in what is alleged to be a Rs 22,848-crore fraud.
"The Ministry of Corporate Affairs will be reviewing big fraud cases this month with the SFIO. We are expecting a report on the ABG Shipyard matter soon," the sources added.
The scam was initially flagged in November 2019, when the State Bank of India (SBI) tasked EY to conduct a forensic audit of the company. Based on this audit, SBI filed a complaint with the CBI in November 2019. In response, the CBI asked the bank to also conduct an "internal probe" to see if any bank employees were involved with the alleged scam.
In 2019, a probe report by SFIO on the IL&FS Group listed 13 loan accounts of the beleaguered ABG conglomerate, including personal loans allegedly given without following due process.
Meanwhile, the Enforcement Directorate also filed a money laundering case against ABG Shipyard and its promoters last month.