New Delhi: The Central Bureau of Investigation (CBI) has issued look-out notices for allegedly defrauding a consortium of 28 banks led by State Bank of India to the tune of Rs 22,842 crore.

The look-out notices were issued against Rishi Kamlesh Agarwal, former chairman and MD of ABG Shipyard, former executive director Santhanam Muthuswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia. The notice prevents them from leaving the country by air or sea.

ABG Shipyard, once the country’s largest private shipyard firm, have been charged for the misappropriation of loans to about 98 companies. As mentioned in an India Today report, a forensic audit report by Ernst & Young LLP from April 2012 to July 2017, stated that the ‘accused’ colluded and committed illegal activities, including diversion of funds, misappropriation and criminal breach of trust and for purposes other than for which the funds were released by the bank.

The CBI has said that the fact that some states have not given permission for the probe is affecting the investigation of such scams.