5 years, 28 banks, Rs 23,000 cr debt-know all about the fraud by ABG Shipyard

  • Yesterday was unlocked what has been termed as the 'biggest fraud in the history of India' by the ABG Shipyard Ltd.

  • Between 2012 and 2017, ABG Shipyard Ltd , a Gujarat-based firm, purportedly defrauded banks of Rs 22,842 crore total.

  • The company cheated nearly 28 banks in this period, including State Bank of India, ICICI, and IDBI. According to CBI, ABG SL took loans from these banks and then diverted them. It made investments in overseas subsidiaries from the loan amounts, bought assets in the names of affiliated companies, and also transferred money to several related parties.

  • What is also interesting is the delays faced in the case. SBI identified the fraud in January 2019, but filed a complaint only in November that year. A fresh, more comprehensive complaint was filed in August 2020, but the CBI finally registered a case only on 7 February

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