Shipping firm booked for Rs 163 cr loan fraud

New Delhi, April 14

The CBI has registered an FIR against PFS Shipping India Ltd, a ship-owning unit of ABG Shipping, for allegedly causing a loss of Rs 163.8 crore to a consortium of banks, officials said today.

In 2022, the CBI had registered a case against ABG Shipyard, a Gujarat-based firm that purportedly defrauded banks of Rs 22,842 crore. The officials said in the FIR, the CBI mentioned the names of the company’s directors Ashok Kumar Agrawal, Kamlesh Kumar Agrawal and Dhananjay L Datar as accused. The consortium of banks was led by Bank of India (Tokyo branch) and included Canara Bank (London branch) and Indian Overseas Bank (Singapore branch).

According to the complaint, which is now part of the CBI FIR, the company failed to submit periodic instalments and interest. “The company along with its directors and promoters wilfully siphoned off banks’ funds for purposes other than its credit requirements and in the process, evaded repayment of funds extended to them,” the FIR mentioned.