Biggest banking fraud case in Indian history

  • Central Bureau of Investigation (CBI) has recently filed a complaint against ABG Shipyard Ltd.

  • The investigation agency has complained against the company for defrauding a consortium of 28 banks of 22,842 crores.

  • CBI has brought a forensic audit report from the banks.

  • The agency has found cases where fraud has been committed from 2012 to 2017.

  • SBI filed FIR on 7th Februaryon the basis of SBI's November 2019 complaint which was later followed by a more detailed complaint in December 2020.

  • ABG Shipyard is engaged in the business of shipbuilding and ship-repair and is a major player in the Indian ship building industry. Its yards are located in Dahej and Surat in Gujarat.

  • The shipyard company currently owes crores of rupees to ICICI Bank, IDBI Bank, State Bank of India, Bank of Baroda, Punjab National Bank and Indian Overseas Bank.

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