An Indian shipbuilding company has been accused of engaging in fraud involving more than 3 billion with the country’s largest state-owned bank and 27 other financial institutions in what is being called the biggest banking fraud ever. Is.
According to media reports, the Central Bureau of Investigation (CBI), India’s federal investigative agency, said in a statement that a company called ABG Shipyard had defrauded 28 banks of 3 billion.
The Gujarat-based shipbuilding company has also surpassed jeweler Nirao Modi, who fraudulently obtained 2 billion from Indian banks in 2018. This was considered to be the biggest banking fraud ever.
According to a forensic audit report released by the State Bank of India, the biggest target of the Gujarati company ABG’s fraud was the private bank ICICI, which seized more than 90 900 million.
According to the report, the state-owned bank borrowed about 500 million from IDBI and 400 million from the Indian State Bank.
Investigating agency CBI says that between 2012 and 2017, the company embezzled funds and transferred huge sums of money, while lenders, on the other hand, were trying to prevent the company from closing down. Were
The State Bank of India has lodged a complaint at the police station against the company and its overseas branches as well as five directors and other anonymous public and private officials.
The CBI on Saturday raided 13 places, including the director’s house and company offices.
According to the CBI, documents have been found which contain information about involvement in criminal activities and further investigations are underway.
When India introduced the Bank Rupee Act in 2016, ABG was first ranked among the 12 largest defaulters in India for non-payment of loans in 2013.
Orders were issued to dissolve the company three years later, but despite four different auctions, no buyer was found for the company’s assets. Efforts to sell the company privately have been going on for the past two years.