ABG Shipyard invests money in 98 associate companies, new disclosure in biggest bank scam

On February 12 itself, the CBI has registered a case against ABG Shipyard Limited and its then Chairman and Managing Director in the country’s biggest bank fraud case.

New disclosure in biggest bank scam

New information is coming out one after the other in the country’s biggest bank scam. ET Now quoted CBI sources as saying that ABG Shipyard ,ABG Shipyard) has invested money in 98 associate companies. CBI on 12 February itself (CBI) has registered a case against ABG Shipyard Limited and its then Chairman and Managing Director Rishi Kamlesh Agarwal, among others, in the country’s biggest bank fraud case. At the same time, the Finance Minister made a statement yesterday that the account of ABG Shipyard was declared NPA in the previous United Progressive Alliance government. This case is related to fraud of more than 22 thousand crores, which is the biggest bank scam till date.Bank Fraud) Maybe.

What’s the new revelation

ET quoted CBI sources as saying that the money was invested in 98 associate companies in ABG Shipyard. A CBI source said that at present all the information is being brought together and work is going on properly. Before filing the case in the court, all steps are being taken to strengthen their claims so that they will help the parties to stand firm during the hearing of the case. Earlier on Saturday, the CBI had registered a case against ABG Shipyard Limited and its then Chairman and Managing Director Rishi Kamlesh Agarwal, among others, in the country’s biggest bank fraud case. The case was registered in connection with an alleged fraud of over Rs 22,842 crore from a consortium of banks led by State Bank of India, officials said on Saturday. Apart from Agarwal, the agency has also booked the then executive director Santhanam Muthaswamy, directors – Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for allegedly criminal conspiracy, cheating, criminal breach of trust and official misappropriation. filed suit for According to officials, these people have been booked under the Indian Penal Code and the Prevention of Corruption Act.

what is the whole matter

The bank’s consortium had first filed the complaint on 8 November 2019, on which the CBI had sought some clarifications on 12 March 2020. The consortium of banks filed a fresh complaint in August that year and after more than a year and a half of investigation, the CBI acted on it. A CBI official said the forensic audit revealed that between 2012-17, the accused allegedly colluded and carried out illegal activities, including misappropriation of funds and criminal breach of trust. This is the biggest bank fraud case registered by the CBI. Finance Minister Nirmala Sitharaman has said that the account of ABG Shipyard was NPA during the tenure of the previous United Progressive Alliance (UPA) government and the banks caught it in less than average time and now action is going on in this matter. “Banks will get credit in this matter,” Sitharaman told reporters after a meeting with the central board of directors of the Reserve Bank of India on Monday. They took less than average time to catch such frauds.

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