Biggest ever bank fraud in India, 28 banks were selected for 22,842 crores
The biggest bank fraud ever in India, 28 banks were selected for 22, 842 crores CBI has registered an FIR against ABG Shipyard and its directors for defrauding 28 banks of Rs 22,842 crores . The case of Biggest Bank Fraud has come to the fore in the country so far. Country’s well-known company ABG Shipyard has defrauded 28 banks to the tune of Rs 22,842 crore. CBI has registered a case against ABG Shipyard and its directors on charges of cheating after the case of such a huge fraud with banks came to the fore. ABG Shipyard is a leading company engaged in the business of shipbuilding and ship-repair. ABG owes the highest amount to ICICI at ₹7,089 crore, apart from this, banks like IDBI, SBI, PNB and Bank of Baroda owe more than ₹1,000 crore.
CBI registered FIR
CBI has registered a case against M/s ABG Shipyard Limited, Magdala Village, Off Dumas Road, Surat, Gujarat Co., Rishi Kamlesh Agarwal, Chairman & Managing Director, on the complaint of Balaji Singh, DGM, State Bank of India World Trade Centre, Cafe Parade, Colaba Mumbai Branch. Guarantor Santhanam Muthaswamy, Executive Director Ashwani Kumar, Director Sushil Kumar Agarwal, Director Ravi Vimal Nivedita, Director M/s ABG International Private Limited Company and unknown public persons for criminal conspiracy, cheating, criminal middle of trust, conspiracy of bank by abuse of position, State Bank of India, E State Bank of Patiala (existing State Bank of India), E State Bank of Travancore (existing State Bank of India) led by ICIC Bank, sued for causing a total loss of Rs 22,842 crore Has been recorded.
Explanation was sought on March 12
The banks’ association had first filed a complaint on November 8, 2019, on which the CBI had sought some clarifications on March 12, 2020. The banks’ association filed a fresh complaint in August that year and the CBI took action after probing it for over a year and a half. The official said that the company was sanctioned a loan of Rs 2468.51 crore by SBI as well as 28 banks and financial institutions. Forensic audit revealed that the accused allegedly colluded and executed illegal activities for the years 2012-17, which include misappropriation of funds and criminal breach of trust.
