‘We had warned about ABG Shipyard rip-off’: Congress on ‘largest banking fraud’ | Newest Information India


The Congress on Sunday questioned the Modi authorities as the large ABG Shipyard rip-off got here out within the open after the CBI booked ABG Shipyard and its former chairman and managing director Rishi Kamlesh Agarwal for allegedly dishonest a consortium of banks led by State Financial institution of India to the tune of 22,842 crore.

Counting all of the financial institution fraud circumstances lately, Congress spokesperson Randeep Surjewala mentioned now Rishi Agarwal is added to the lengthy checklist of financial institution defaulters Nirav Modi, Mehul Choksi, Lalit Modi, Vijay Mallya, Jatin Mehta, Chetan Sandesara and so on.

The Congress publicly held a press convention and warned the federal government that ABG Shipyard is a rip-off in 2018, Surjewala mentioned. Asking why it took the federal government 5 years to take motion in opposition to ABG Shipyard, the Congress alleged that in 2007 ABG Shipyard was allotted 1,21,000 sq. metres of land by the Gujarat authorities when Narendra Modi was the chief minister.

CBI books ABG Shipyard for dishonest banks price 22,842 crore. Know all about India’s largest financial institution fraud case

On Saturday, the CBI performed searches at 13 places at Surat, Bharuch, Mumbai and Pune resulting in the restoration of incriminating paperwork, the CBI mentioned in an announcement.

State Financial institution of India filed the primary criticism, on this case, was filed on November 8, 2019. The investigation company sought extra particulars and the criticism reportedly missed particulars just like the time of the fraud, modus operandi and so on. The financial institution then filed a contemporary criticism in August 2020. After scrutinising the criticism, the CBI filed an FIR on February 7.

Within the final 7.5 years of the Modi authorities, there have been financial institution frauds of 5 lakh 35,000 core, which is folks’s cash, the Congress mentioned.

ABG Shipyard is the flagship firm of the ABG Group engaged in ship-building and ship restore. The corporate was sanctioned credit score amenities of 2468.51 crore from 28 banks. Between 2012-17, the promoters of the corporate allegedly dedicated unlawful actions together with diversion of funds, misappropriation and legal breach of belief. The mortgage account was declared as a non-performing asset in July 2016 and fraud in 2019.

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