New Delhi [India], April 14 (ANI): The Central Bureau of Investigation (CBI) has registered an FIR towards PFS Shipping India Ltd, a ship-owning unit of ABG Shipping, for allegedly inflicting a wrongful lack of Rs 163.80 crore to a consortium of banks.
PFS Shipping India, earlier often called ABG Shipping Ltd., was a ship-owning unit of ABG Shipyard.
In 2022, CBI registered a case towards ABG Shipyard, a Gujarat-based agency that purportedly defrauded banks of Rs 22,842 crore.
The FIR talked about the names of its administrators, specifically, Ashok Kumar Agrawal, Kamlesh Kumar Agrawal and Dhananjay L Datar, within the checklist of accused individuals. The consortium of banks, which was led by Bank of India, Tokyo Branch, contains Canara Bank, London Branch, and Indian Overseas Bank, Singapore Branch.
The firm failed in submitting periodic instalments and curiosity in collusion with its administrators/promoters has tried to dispose the financial institution assure with the banks. The firm together with its administrators/promoters has wilfully siphoned off banks’ funds for functions apart from its credit score necessities and within the course of, they’ve evaded reimbursement of funds prolonged to them, in keeping with the FIR.
The financial institution’s funds have been diverted for functions apart from the explanation for which the credit score amenities have been superior to the corporate by the lenders. The consortium suspects it willfully diverted the funds obtained from the banks.
During the forensic audit carried out by M Ok AggarwalCo, it was discovered that a large quantity was diverted by the accused firm to its subsidiary firm. According to the FIR, the stated act on the a part of the named suspects confirmed the offence of legal conspiracy, dishonest, fraud, forgeries, utilizing false and falsified paperwork for committing misappropriation of funds and legal breach of belief dedicated by them towards the lenders. (ANI)