Categories: Banking

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

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

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

Recent Posts

National Vaccination Day 2025: Date, History, Significance and Impact

National Vaccination Day, observed annually on March 16, is a significant event that underscores India's…

4 mins ago

Dr. Mansukh Mandaviya Inaugurates First-Ever Fit India Carnival

The Fit India Carnival, a first-of-its-kind three-day fitness and wellness event, was inaugurated by Union…

11 mins ago

India – New Zealand Announce Launch of FTA Negotiations

India and New Zealand have officially launched negotiations for a "comprehensive and mutually beneficial" Free…

29 mins ago

Hockey India Awards 2024: Check Complete List of Winners

The Hockey India Annual Awards 2024 was a grand event that recognized and honoured the…

31 mins ago

Mumbai Indians Won The Womens Premier League 2025 Final

Mumbai Indians secured their second WPL title in three seasons, defeating Delhi Capitals by 8…

1 day ago

Winners List of Women’s Premier League (2023 to 2025) Year Wise

The Women's Premier League kicks off again on February 23rd, with a rematch of last…

1 day ago