The officials said the company received credit facilities from 28 banks.

Financial institutions, with the State Bank of India (SBI) having exposure of ₹2,468.51 crores.

Rishi Kamlesh Agarwal, founder and chairman of ABG Shipyard Limited was detained by CBI on Wednesday.

In relation to an alleged bank fraud worth over ₹22,842 crores.

A forensic audit of the loan account, which included transactions from April 2012 to July 2017, revealed the suspected fraud. 

In June 2019, the account was deemed fraudulent as a result of the investigations. 

With effect from November 30, 2013, it turned into a non-performing asset in July 2016.

The audit turned up allegations of misappropriation, theft, and criminal breach of trust. 

The money was allegedly invested through a Singapore-based company for unspecified objectives. 

To associated parties, payouts of hundreds of crores were paid. 

As claimed, properties were also purchased using money given by ABG Shipyard.