ABG Bank Fraud: CBI has registered an FIR in the biggest scam in banking history. This scam is being told of Rs 22842 crore. In the CBI FIR, ABG Shipyard Company of Gujarat and its associate companies have been held responsible for the scam. The CBI has registered a case against the Managing Director of the company, other officials and unknown government officials under various criminal sections.
This fraud is bigger than the well-known Nirav Modi scam because the amount of scam in it was 12 thousand crores. Soon other investigative agencies can also jump in the investigation of this case. CBI on Saturday raided 13 places in many states including Maharashtra, Gujarat and recovered many important documents in this scam. The echo of this scam can be heard in the assembly elections and also in the Parliament session.
How was the scam exposed?
According to the CBI, on behalf of the group of banks, Balaji Singh Samanta, the Deputy General Manager posted in the State Bank of India Mumbai branch, gave a written complaint to the CBI on 25 August 2020. According to the CBI FIR, the name of Rishi Kamlesh Aggarwal, managing director of ABG Shipyard and ABG International Pvt Ltd, along with its managing director, ABG Shipyard and ABG International Private Limited, is involved in this case in Surat, Gujarat. The names of the company’s executive director Santhanam Muthu Swamy, other directors Sushil Kumar Agarwal, Ravi Vimal Nivedita and unidentified government officials have been named in the FIR.
Fraud with 28 banks
In the CBI FIR, a case has been registered under serious sections like criminal conspiracy, fraud, Prevention of Corruption Act and fraudulent grabbing of government property. In this case, if the charge is proved, the punishment can be up to life imprisonment. According to the CBI, this fraud was done with a consortium of 28 banks. These banks include State Bank of India, ICICI, IDBI, Bank of Baroda, Bank of India and Punjab National Bank etc.
According to the CBI, ABG Shipyard Company is located in Surat and its office is also in Dahej, Gujarat. This company does many things related to the construction and repair of water vessels. It is also said that many ships made by this company have been sold abroad as well. This company has also made many types of floating crane interceptor boat etc.
Singapore sent Rs 236 crore!
According to the allegation, this company had taken various types of credit facilities apart from loans from a group of banks. This company also sent money received from banks abroad through its associate companies and bought shares etc. there. In this case, it has also been found to send Rs 236 crore to Singapore. It has also been learned that many properties were purchased from banks for the work for which loans or credit guarantees were taken, not using the money for that purpose. Along with this, money was sent from one company to other companies keeping all the rules and regulations in mind.
Scam between 2012-2017
In this case, the bank had also got the forensic audit report done, in which it was clearly revealed that a group of banks has been cheated. In the complaint given to the CBI, the time of the bank scam has been told from April 2012 to July 2017 i.e. this scam is from the time of both the previous UPA government and the present Modi government.
CBI registered a case under various criminal sections in this case and raided 13 places on Saturday. Many incriminating documents have been recovered during this raid. CBI sources claim that the investigation of the case can reach the top officials of the banks. Along with this, the names of some leaders can also come up in this case. At present, the CBI raids are going on.
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