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Tag: ABG Shipyard

  • ED information cash laundering case in ABG Shipyard financial institution mortgage case

    Through PTI

    NEW DELHI: The ED has registered a felony case of cash laundering in opposition to ABG Shipyard Ltd, its former promoters at the side of others for allegedly dishonest a consortium of banks of over Rs 22,842 crore, respectable assets stated on Wednesday.

    The motion comes days after the CBI registered an FIR within the nation’s largest alleged financial institution mortgage fraud case.

    The ED case has been filed underneath more than a few sections of the Prevention of Cash Laundering Act (PMLA) after the investigators studied the CBI criticism and the forensic audit file, assets stated.

    They added that the Enforcement Directorate (ED) will in particular glance into the alleged “diversion” of financial institution mortgage budget, the advent of shell corporations to launder the general public cash and the position of the executives of the corporate and others.

    The CBI had booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal at the side of others for allegedly dishonest a consortium of banks of over Rs 22,842 crore.

    It had additionally named the then govt director Santhanam Muthaswamy, administrators Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and any other corporate ABG Global Pvt Ltd for alleged offences of felony conspiracy, dishonest, felony breach of accept as true with and abuse of respectable place underneath the Indian Penal Code (IPC) and the Prevention of Corruption Act. The accused within the ED case are the similar, they stated.

  • Congress questions ‘silence’ of PM, FM on banking fraud by means of ABG Shipyard

    Via PTI

    NEW DELHI: The Congress on Friday stepped up its assault at the BJP executive asking why the high minister and the finance minister have been silent at the giant banking fraud of Rs 22,842 crore by means of ABG Shipyard.

    The opposition birthday party additionally requested why Rishi Agarwal, the promoter of the Gujarat-based corporate, have been no longer arrested until date.

    Congress spokesperson Gourav Vallabh alleged that Top Minister Narendra Modi had promised to make India’s financial system of USD 5 trillion however as a substitute gave the rustic financial institution frauds of Rs 5.35 trillion within the remaining 7.5 years.

    He claimed that consistent with an RTI answer by means of the RBI, restoration fee in 2020-21 of those frauds is 0.7 in keeping with cent. He additionally claimed that the common day by day loss to the banking trade because of frauds used to be Rs 195.5 crore.

    “After Rs 22,842 crore of public cash used to be swindled, the convenience of committing fraud within the nation is the brand new scheme introduced by means of the Modi executive for financial institution fraudsters,” he advised newshounds.

    Vallabh stated the largest financial institution fraud of Rs 22,842 crore came about beneath the Modi executive and after a 5 12 months lengthen, the CBI in the end registered an FIR on February 7, 2022, towards ABG Shipyard, owned by means of Agarwal and others, for duping 28 banks.

    “The Modi executive is operating ‘Loot and Get away’ and ‘ease of committing fraud’ as a flagship scheme for financial institution fraudsters.

    The fraudsters’ lists come with Nirav Modi i.e. Chhota Modi, Mehul Choksi, Ami Modi, Neeshal Modi, Lalit Modi, Vijay Mallya, Jatin Mehta, Chetan Sandesara, Nitin Sandesara and lots of others, and Rishi Agarwal and others are the brand new entrants within the record of fraudsters.

    “Why are the PM and the FM mum on India’s largest banking fraud of Rs 22,842 crore? Why has Rishi Agarwal, the promoter of ABG Shipyard, no longer been arrested until date,” the Congress chief requested.

    He additionally wondered the standing of Agarwal’s citizenship and why the RBI is behaving as a trifling spectator with none motion.

  • Loans to ABG Shipyard became NPAs previous to 2014: Finance Minister

    By means of PTI

    NEW DELHI: Finance Minister Nirmala Sitharaman on Monday mentioned the ABG Shipyard account became NPA all through the erstwhile UPA regime and the banks took lesser than standard time to hit upon the fraud perpetrated by way of the delivery company.

    “On this specific case with that roughly a size, in reality, I will have to say to the credit score to the banks, they have got taken lesser than what’s in most cases a median time to hit upon these kind of frauds,” Finance Minister Nirmala Sitharaman mentioned at a press convention after addressing the contributors of the RBI board.

    The minister mentioned in most cases banks take 52-56 months of time to hit upon such circumstances and start up follow-up movements.

    The Central Bureau of Investigation (CBI) not too long ago booked ABG Shipyard Restricted, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly dishonest a consortium of 2 dozen lenders led by way of ICICI Financial institution.

    ABG Shipyard fraud is far upper than the only perpetrated by way of Nirav Modi and his uncle Mehul Choksi, who allegedly cheated the Punjab Nationwide Financial institution (PNB) of round Rs 14,000 crore via issuance of fraudulent Letters of Enterprise (LoUs).

    Sitharaman additionally mentioned that all through the NDA regime, well being of banks has advanced and they’re in place to boost finances from the marketplace.

    Addressing the clicking convention, the RBI Governor Shaktikanta Das asserted that RBI’s inflation projections are rather powerful. He additional mentioned the momentum of inflation, from October 2021 onwards, is on a downward slope.

    “It is essentially the statistical causes the bottom impact which is main to raised inflation particularly in 3rd quarter, and the similar base impact will play in several tactics within the coming months,” Das mentioned.