Biggest Bank Loan Scam: The CBI investigation into India’s largest bank scam is causing many questions. The question of why SBI filed a complaint after years of the scam amounted to 22842 crores is also being raised.
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Despite the fact that the scam of crores began in 2012, the first police report was filed on 8 November 2019. So, the matter is both the responsibility of the CBI and of the complainant State Bank of India. In March 2020, SBI had been requested to clarify the first complaint. CBI registered the case almost 18 months after SBI filed a new complaint in August 2020 with clarifications. SBI clarified in the complaint, while the CBI is silent.
An account of ABG Shipyard Limited and ABG International Limited, based in Gujarat, was considered NPA in November 2013 because of poor performance by the company, according to officials of SBI Bank. The company has been tried and failed many times to recover it. This was followed in 2019 by a forensic audit of the company. Although ICICI Bank was leading the consortium, SBI, the largest public sector bank, filed a complaint with the CBI. There was a loss of 22842 crores for the banks, of which 7,089 crores were the most for ICICI Bank.
Mumbai, Pune, Surat, and Bharuch were among the cities raided by the CBI on February 12. It was recovered a lot of documents and electronic evidence, and it was also clear that all the suspects are in India. Government officials claim that the scam occurred during the UPA administration, and the action was taken immediately upon discovery.
On charges of bank fraud of Rs 22,842 crore, the CBI has filed a case against former ABG Shipyard CMD Rishi Kamlesh Agarwal, former directors Santhanam Muthuswamy and Ashwini Kumar. Ships are manufactured and repaired in Gujarat in Dahej and Surat by the company. So far, 165 ships have been built by the company.
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