Lets talk about the full biography and net worth of Rishi Agarwal, he is the former managing Director of ABG Shipyard Ltd. He studied in Purdue University and passed out with MBA.
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The CBI has questioned Rishi Agarwal, the former chairman and MD of ABG Shipyard Ltd., regarding the Rs 22,842 crore financial institution fraud. Sources claim that the firm searched Rishi Agarwal’s home on Saturday, sent him a summons, and asked for him this week. Read this text if you want to understand more about him.
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Who Is Rishi Agrawal
The Central Bureau of Probe (CBI) reported that it recently questioned Rishi Agarwal, the former chairman and managing director of ABG Shipyard Limited, as part of its investigation into India’s largest alleged financial fraud, which is valued at Rs 22,848 crore.
Sources claim that the company summoned him and searched his home on Saturday. The former directors of the corporation, Rishi Agarwal, Santhanam Muthuswamy, and Ashwini Kumar, are under investigation.
After filing a FIR on February 7 in response to a complaint made by the State Bank of India (SBI) on August 25, 2020, the CBI immediately got to work.
Rishi Agarwal Wikipedia Profile
|Rishi Agarwal Full Name||Rishi Kamlesh Agarwal|
|Famous For||Rs 22,842 Cr ABG Shipyard Scam|
|Height||In Centimeter- 167 cm
In Meter- 1.67 m
In Feet- 5’6”
|Weight||In Kilogram- 68 kg
In Pound- 150 lbs
|Date Of Birth||1969|
|Age (2022)||53 Years|
|Zodiac Sign/Sun Sign||N/A|
|Home city||Koderma, Jharkhand|
|College/University||Purdue University, America|
|Rishi Agarwal Wife||Name Not Known|
|Parents||Father- Name Not Known
Mother- Name not Known
Rishi Agrawal Biography
Former Chairman and Managing Director (MD) of ABG Shipyard Ltd. Rishi Kamlesh Agarwal has been charged by the CBI with felony conspiracy, dishonesty, and prison breach of responsibility.
and misusing a public space in contravention of the Prevention of Corruption Act and the Indian Penal Code. He may also serve as the MD of the Vadaraj Energy Ltd. of Gujarat.
At this moment, it is the most significant instance of financial establishment fraud for the CBI. Shipbuilding and restoration are a specialty of ABG Shipyard Ltd. It has yards in Gujarat’s Surat and Dahej.
The company has two shipyards: one in Surat that can build boats with a deadweight tonnage of up to 18,000 tonnes, and one in Dahej that can build boats with a deadweight load of up to 1.20 lakh tonnes.
Scale and sophistication are established by the terrifying Agarwal. When Agarwal bought Magdala Shipyard Pvt Ltd, a little shipyard and small boat repairer, ABG was based.
By 2005, the shipyard was able to produce bulk carriers, specialized protection vehicles, and other large ships. ABG received a Rs. 970 crore contract from the Indian Navy in 2011 to build two cadet tutoring ships.
But he was heavily in debt. In 2016–17, revenues were Rs 16.40 crore, whilst debt was Rs 10,000 crore. In 2016, a reorganization saw lenders take control of the company by converting debt into equity.
When it came time for a judgment, Agarwal had nothing to do with his company. A formal complaint has been made against the company M/s ABG Shipyard Ltd. by Shri Balaji Singh Samanta, DGM, State Bank of India, SAM Branch, The Arcade, II Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005. They have a registered office in Surat, Gujarat, near Magdala Village, Off Dumas Road.
Santhanam Muthaswamy, Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, and another company, ABG International Pvt Ltd, have also been named as defendants in the case by the business in addition to Agarwal. With a total publicity of Rs 2468.51 crore, 28 banks and financial institutions provided the company with credit score scoring services. Bank of India Bank of India (Rs 7,089 crore).
- IDBI Bank (Rs 3,634 crore).
- Bank of Baroda (Rs 1,614 crore).
- PNB (Rs 1,244 crore and IOB (Rs 1,228 crore).
- ICICI Bank headed the consortium of 28 banks.
Rishi Agarwal Family
The Ruia brothers Shashi and Ravi’s nephew is Agarwal. When Vodafone acquired their 33 percent interest in Hutchison Essar, he just reinforced their status as multi-billionaires.
ABG operates out of a shipyard close to Essar’s Hazira manufacturing facility in Gujarat. He earned Rs. 16.40 crore in 2016–17, but his debt was Rs. 10,000 crore.
Rishi Agarwal Controversy
Over 165 boats have been built by ABG Shipyard in the previous 16 years. In July 2016, ABG Shipyard’s mortgage account was first categorized as a non-performing asset (NPA). The SBI complained on November 8, 2019. In 2019, fraud predominated in the mortgage account.
SBI submitted a brand-new go-with in August 2020. After spending nearly an entire year and a half “scrutinizing” the FIR for SBI’s complaint, CBI finally moved on it on February 7, 2022.
Santhanam Muthaswamy, administrators Ashwini Kumar, Sushil Kumar Agarwal, Ravi Vimal Nevetia, and one other company, ABG International Pvt Ltd. have also received recognition from the CBI in addition to Agarwal.
In violation of the IPC and the Prevention of Corruption Act, charges of prison conspiracy, dishonesty, jail breach of belief, and abuse of a public place have been brought against them.
In a formal statement, the CBI admitted that on February 12, it searched 13 places in Surat, including the homes of the accused and personal agency administrators.
About ABG Shipyard Company
ABG Shipyard Company is a privately held company that is involved in the construction of Surat and Dahej in Gujarat. ABG Shipyard Company not only repairs ships, but also builds new ones and sells their parts.
ABG Shipyard’s chairman and owner is Rishi Kamlesh Agarwal. This company was established in 1985, and Mumbai serves as its headquarters. which has produced more than 175 new ships to date, both domestically and abroad.
Why is Rishi Agarwal Been Arrested By CBI?
The CBI has filed charges against Rishi Kamlesh Agarwal, the former chairman and managing director (MD) of ABG Shipyard Ltd., for criminal conspiracy, dishonesty, criminal perception breach, and misuse of official position in violation of the IPC and the Prevention of Corruption Act. He also serves as the MD of Gujarat’s Vadaraj Energy Ltd.
Which Banks Have Been Involved in Rishi Agarwal’s Fraud
According to a grievance by the State Bank of India, the company owes ₹ 2,925 crore to the monetary establishment, ₹ 7,089 crore to ICICI Bank, ₹ 3,634 crore to IDBI Bank, ₹ 1,614 crore to Bank of Baroda, ₹ 1,244 to Punjab National Bank (PNB) and ₹ 1,228 crore to Indian Overseas Bank (IOB). The funds have been used for features aside from for which they’ve been launched by banks, the CBI talked about.
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