Biggest scam in banking history has come to the fore in the country. This scam has been done by ABG Shipyard Limited. A consortium of 28 banks led by SBI has accused the company of fraud of over Rs 22,842 crore. The company had taken a loan of Rs 2,925 crore from SBI, which was not repaid. Similarly, the company took loans from many other banks and did not pay them. The CBI has registered a case against many people including ABG Shipyard and the then chairman and MD of the company in this bank fraud case.
had taken loan from 28 banks
Acting on the complaint of State Bank of India, CBI has registered a case naming ABG Shipyard Director Rishi Agarwal and Santhanam Muthuswamy as accused. The company had taken loans from a total of 28 banks. The company raised Rs 1,228 crore from Indian Overseas Bank (IOB), Rs 1,244 crore from Punjab National Bank (PNB), Rs 1,614 crore from Bank of Baroda (BOB), Rs 7,089 crore from ICICI Bank and Rs 7,089 crore from IDBI Bank. Bank) by taking a loan of Rs 3,634 crore. It has also been found in the investigation that the company was sending this money to different entities. The company had done this scam between April 2012 and July 2017. The CBI is now proceeding with its investigation.
politics has started
Politics has also started happening in ABG Shipyard scam. The Congress on Sunday blamed the central government for this scam. Congress chief spokesperson Randeep Singh Surajewala said at a press conference in Chandigarh, “India’s biggest bank fraud in the last 75 years has happened under the watch of the Modi government. Bank fraud of Rs 5,35,000 crore in seven years has destroyed the banking system.
Congress made these allegations
The Congress alleged that the delay in the investigation of bank fraud cases was evidence of nexus and mutual collusion of people holding top positions in the Modi government. Surajewala said that for the first time in the last 75 years, a case of bank fraud of Rs 22,842 crore has come to the fore. “After five years of evasiveness to embezzle public money in broad daylight, the Central Bureau of Investigation finally registered an FRI in this case on February 7,” he said. Nirav Modi, Mehul Choksi, Neeshal Modi, Lalit Modi, Vijay Mallya, Jatin Mehta, Chetan Sandesara, Nitin Sandesara and many others are on the list of fraudsters, he said.
CBI accused of late registration of FIR
The party said in its statement, “On November 8, 2019, SBI submitted its complaint to CBI for registration of FIR against Rishi Agarwal of ABG Shipyard and others. Despite this fraud and embezzlement of public money, the CBI, SBI and the Modi government complicated the whole matter in red-tapism and mutual confrontation. This continued for many years and public money kept flowing down the drain and fraudsters kept taking advantage of it.”