ED initiates probe into biggest bank fraud involving ABG Shipyard
India Today
Enforcement Directorate has filed a case against ABG Shipyard and its top executives for defrauding 28 banks to the tune of Rs 22,842 crore.
ABG Shipyard and its executives, who allegedly committed India’s biggest bank fraud, will now be probed by the Enforcement Directorate (ED), sources told India Today.
The ED has filed a case under the Prevention of Money Laundering Act (PMLA) against ABG Shipyard and its top executives for defrauding 28 banks to the tune of Rs 22,842 crore.
ABG Shipyard, which was India’s largest private shipyard firm at one point in time, has been booked by the Central Bureau of Investigation (CBI) for bank fraud.
The firm, which has supplied, repaired and built ships for the Indian Navy, Coastguard and hundreds of private ships for many countries, is now being probed by two central agencies for committing the fraud which has shocked the entire nation.
It surpasses even the infamous Punjab National Bank scam by over a thousand crore in which diamond trader Nirav Modi and Mehul Choksi defrauded banks of Rs 12,000 crore.
Sources said the accused, including Director Rishi Agarwal, will soon be summoned for questioning in connection with this case.
A day after the Congress party accused the Centre and Bharatiya Janta Party (BJP) of 'colluding' with the accused, the CBI in a statement on Tuesday said that ‘majority of fraud’ took place when the UPA was in power.
