CBI arrests ABG Shipyard founder-chairman Rishi Agarwal in ₹22,842-crore bank fraud case

The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, in connection with an alleged bank fraud of ₹22,842 crore. The company was sanctioned credit facilities from 28 banks and financial institutions led by ICICI Bank, with SBI having an exposure of ₹2,468.51 crore. Funds were used for purposes other than for which they were released, officials said.