CBI has booked ABG Shipyard Ltd and its then chairman and Managing director Rishi Kamlesh Agarwal along with others for defrauding Rs 22842 Crores from 28 Banks.If this is to be found true than this is the biggest scam till date in history of the India.
ABG shipyard incorporated in 1985 ,headquarter in Mumbai. It has shipbuilding operation in Surat and Dahej in Gujarat.
The Company has its worst performance in 2012 and its account became NPA in 2013. Although they tried to restructure their business in 2014 but failed to do it. Bank Consortium led by ICICI bank ,IDBI Bank and others 26 banks has given around 22842 crores loan.
The SBI who is also part of consortium filed a case to CBI after EY submitted their report pointed to the alleged Fraud.The SBI first filed complaint in November 2019,then CBI asked for more information regarding this to SBI on March 2020. SBI filed a fresh complain in September 2020,after providing all the information to CBI.
The Forensic Audit by consultancy Ernst and Young (EY) revealed that between 2012 and 2017, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust
The SBI consortium of 28 banks and financial institutions have allegedly been cheated of a massive total of ₹22,842 crore. Of this, ABG Shipyard owes ₹7,089 crore to ICICI Bank, ₹3,639 crore to IDBI Bank, ₹2,925 crore to State Bank, ₹1,614 crore to Bank of Baroda, and ₹1,244 crore to Punjab National Bank.