Home   »   ABG Shipyard

CBI finds India’s biggest bank fraud of Rs 22,842 cr, books ABG Shipyard

CBI finds India's biggest bank fraud of Rs 22,842 cr, books ABG Shipyard_4.1

Central Bureau of Investigation (CBI) has booked ABG Shipyard for an alleged Rs 22,842-crore financial fraud. ABG Shipyard is the flagship entity of ABG Group. It has cheated a consortium of 28 banks and financial institutions of Rs. 22,842 crore. This is the biggest bank fraud case ever registered by the CBI. The case pertained to funds gotten and misused during the 2012-17 period. Rishi Agarwal, the then CMD of ABG Shipyard has been named in the FIR.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

This consortium was led by ICICI Bank. Of this, ABG Shipyard owes Rs. 7,089 crore to ICICI Bank, Rs. 3,639 crores to IDBI Bank, Rs. 2,925 crores to State Bank, Rs. 1,614 crores to Bank of Baroda, and Rs. 1,244 crore to Punjab National Bank, among others. The Funds given by these banks were used by the executives of ABG Shipyard for purposes other than for which they were given and they were engaged in diversion of funds, misappropriation and criminal breach of trust. The same has been revealed in a report submitted by M/s. Ernst & Young LP.

Important takeaways for all competitive exams:

  • ABG Shipyard Headquarters: Mumbai;
  • ABG Shipyard Founded: 1985.

Find More Banking News Here

CBI finds India's biggest bank fraud of Rs 22,842 cr, books ABG Shipyard_5.1

RBL Bank tie-up with Creditas Solutions for 'Neo Collections' platform_90.1

Leave a comment

Your email address will not be published. Required fields are marked *