ABG Shipyard case: Rishi Aggarwal in CBI headquarters
Ernst & Young (EY) submitted its forensic report in January 2019 detailing the fraud to the consortium of banks who got taken by ABG Shipyards. The SBI filed a complaint with the CBI in November 2019.
New Delhi: Former Chairman and MD Rishi Aggarwal reached Central Bureau of Investigation (CBI) headquarters in Delhi to join the investigation in the Rs 22,800 crore ABG Shipyard defraud case.
The ABG Shipyard's loan account was declared a non-performing asset (NPA) in July 2016 and fraud in 2019. Called the country's biggest-ever bank fraud case, the (CBI) has booked the Gujarat-based facility for defrauding 28 banks to the tune of more than Rs 22,800 crore.
Ernst & Young (EY), accounting firm, submitted its forensic report in January 2019 detailing the fraud to the consortium of banks who got taken by ABG Shipyards. The SBI filed a complaint with the CBI in November 2019.
As the ABG Shipyard case gained momentum, Finance Minister Nirmala Sitharaman said the loans were given under the Congress-led UPA regime and the account became a non-performing asset (NPA) in November 2013 and the loan was restructured by all lenders in March 2014, but not again.
BJP MP Varun Gandhi targeted his government over massive bank frauds and the economic offenders behind them.
Listing names of economic offenders Vijay Mallya, Nirav Modi and Rishi Agarwal - former chairman of ABG Shipyard currently under the scanner for a massive fraud - Varun Gandhi took a swipe at the centre, saying a "strong government" is expected to take "strong action" against such corruption.
