Biggest scam in banking history / ABG Shipyard did a fraud of Rs 22842 thousand crore, Congress said - Modi model, loot and run!

The biggest scam in banking history has come to light in the country. This scam has been done by the shipbuilding company ABG Shipyard. CBI has registered a case of fraud against ABG Shipyard Limited, its Chairman and Managing Director Rishi Agarwal on the complaint of SBI. The company and its directors are accused of alleged fraud of Rs 22,842 crore from a consortium of 28 banks led by SBI. This shipyard company of ABG Group in Dahej and Surat in Gujarat is engaged in the construction and repair of water vessels. So far this company has built 165 ships. ABG is accused of allegedly defrauding a consortium of banks led by State Bank of India, officials said on Saturday. This scam is being called the biggest scam in the banking history in the country because it is a bigger scam than Nirav Modi.

Modi model - loot and run: Congress

Congress leader Randeep Surjewala tweeted and wrote that Modi model - loot and run! Three facts are before the country. Bank frauds of ₹ 5,35,0000 crore happened in 7 years of Modi government. ₹8,17,000 crore were written off by the banks of the people of the country. NPAs of banks increased by ₹21,00,000 crore. Loot the bank, rob the bank.

The complaint was first registered on November 8, 2019

State Bank of India had first filed the complaint on November 8, 2019. On this, the CBI had sought a reply from the company on March 12, 2020. About five months later, the company filed a fresh complaint. The complaint was filed by the CBI on February 7, 2022, after 18 months of investigation.

Property bought abroad with scam money

According to the CBI FIR, the names of the two major companies involved in the scam are ABG Shipyard and ABG International Pvt Ltd. Both the companies belong to the same group. The companies are accused that properties worth billions of rupees were bought by sending the scam money abroad. An examination of the forensic audit report from April 2012 to July 2017 filed by Ernst & Young LP on January 18, 2019, has revealed that the company through illegal activities misappropriated bank loans and diverted funds.

Which bank owes how much

State Bank of India - Rs 2,468.51 crore

ICICI - Rs 7,089 crore

IDBI - Rs 3,634 crore

Bank of Baroda - Rs 1,614 crore

PNB - Rs 1244 crore

IOB - Rs 1,228 crore

Case registered against these people

The CBI has also named the then Executive Director Shanthanam Muthuswamy, Directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevatia and another company ABG International Pvt Ltd in the FIR. They have been booked under sections of criminal conspiracy, cheating, breach of trust and abuse of office.

Know about this company

ABG Shipyard is one of the largest private shipbuilding companies in India with a capacity to build ships weighing up to 20 tonnes. ABG Shipyard Limited is a part of ABG Group of companies with diversified business interests. Established in 1985, it is headquartered in Mumbai. It has shipbuilding work in Surat and Dahej in Gujarat. Following the acquisition of Western India Shipyard Limited in October 2010, it operates a ship repair unit in Goa which is the largest ship maintenance facility in India.