NEW DELHI: Between 2012 and 2017, one of India’s biggest shipbuilding companies managed to perpetrate the country’s biggest banking scam, causing the Centre to come under fire, with the Congress accusing it of showing ‘undue favour’ to the firm.
Just days after the Central Bureau of Investigation (CBI) booked ABG Shipyard, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of more than dozen lenders led by ICICI Bank, the agency on has issued a look out notice against them. The main objective behind issuing the LOC is to prevent the accused from leaving the country.
Extent of fraud: At Rs 22,892 crore, the ABG Shipyard fraud is much bigger than the one perpetrated by Nirav Modi and his uncle Mehul Choksi who had allegedly cheated Punjab National Bank (PNB) of around Rs 14,000 crore through issuance of fraudulent letters of undertaking.
What is ABG Shipyard
Incorporated in 1985, ABG Shipyard Limited is the flagship company of the ABG Group and is engaged in the business of shipbuilding and ship repair. Promoted by Rishi Agarwal, ABG Group has been a major player in the Indian shipbuilding industry.
Their ship-yards are located at Dahej and Surat in Gujarat. The company has constructed over 165 vessels (including 46 for export market) in the last 16 vears including specialized vessels like the newsprint carriers. self-discharging and loading bulk cement carriers, floating cranes etc with class approval of all…
Just days after the Central Bureau of Investigation (CBI) booked ABG Shipyard, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of more than dozen lenders led by ICICI Bank, the agency on has issued a look out notice against them. The main objective behind issuing the LOC is to prevent the accused from leaving the country.
Extent of fraud: At Rs 22,892 crore, the ABG Shipyard fraud is much bigger than the one perpetrated by Nirav Modi and his uncle Mehul Choksi who had allegedly cheated Punjab National Bank (PNB) of around Rs 14,000 crore through issuance of fraudulent letters of undertaking.
What is ABG Shipyard
Incorporated in 1985, ABG Shipyard Limited is the flagship company of the ABG Group and is engaged in the business of shipbuilding and ship repair. Promoted by Rishi Agarwal, ABG Group has been a major player in the Indian shipbuilding industry.
Their ship-yards are located at Dahej and Surat in Gujarat. The company has constructed over 165 vessels (including 46 for export market) in the last 16 vears including specialized vessels like the newsprint carriers. self-discharging and loading bulk cement carriers, floating cranes etc with class approval of all…
