From largest private shipyard firm to biggest 'fraudster': How ABGSL sunk into ocean of debts
India Today
ABG Shipyard Limited, one of India’s largest private sector shipyard firms, has been booked by the CBI for defrauding 28 banks to the tune of Rs 22,800 crore.
ABG Shipyard, once upon a time India’s largest private shipyard firm, has been booked by the Central Bureau of Investigation (CBI) for defrauding 28 banks to the tune of over Rs 22,800 crore, the country’s biggest-ever bank fraud case.
The firm, which has supplied, repaired and built ships for the Indian Navy, Coastguard and many private ships for many countries, is now being probed for committing the biggest fraud in the history of India. Its fraud surpasses even the infamous Punjab National Bank scam by over a thousand crore in which diamond trader Nirav Modi and Mehul Choksi looted the bank of Rs 12,000 crore.
ABG Shipyard Limited (ABGSL) was incorporated on March 15, 1985, with its registered office in Gujarat’s Ahmedabad. It is the flagship company of the ABG Group and is engaged in the business of shipbuilding and ship repair.
ABG Group, promoted by Rishi Agarwal, has been a major player in the Indian shipbuilding industry. Their ship-yards are located at Dahej and Surat in Gujarat.
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ABGSL could build vessels up to 18,000 deadweight tonnage (DWT) at Surat Shipyard and 1,20,000 deadweight tonnage (DWT) at Dahej Shipyard.
According to information accessed by India Today, ABGSL has so far constructed over 165 vessels (including 46 for the export market) in the last 16 years, including specialised vessels like newsprint carriers, self-discharging and loading bulk cement carriers, floating cranes, interceptor boats, dynamic positioning diving support vessels, pusher tugs and flotilla for leading companies in India and abroad.
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