CBI has arrested Rishi Agarwal, the founder-chairman of ABG Shipyard Group

In an alleged bank fraud case amounting to over Rs 22,800 crore

Agarwal, along with company, was booked by the central agency in February this year for allegedly cheating a consortium of banks led by SBI of over Rs 22,842 crore.

This is reported to be the biggest bank fraud case registered by the CBI.

SBI had first filed a complaint on November 8, 2019, on which the CBI had sought some clarifications on March 12, 2020

The bank filed a fresh complaint in August that year. After scrutinising, the CBI acted on the complaint and filed an FIR on February 7, 2022

The company was sanctioned credit facilities from 28 banks and financial institutions with the SBI having exposure of Rs 2,468.51 crore

The loan account was declared a non-performing asset (NPA) in July 2016 and a fraud in 2019

Congress, the country's prime Opposition party, had questioned the Centre in February on why it took five years

ED  initiated an investigation into alleged money laundering after after studying the CBI FIR against the former promoters of the ship building company.

Fed increased interest rates by 75 basis points for the third consecutive time, sees more increases ahead