Page 126 - Nirav Modi News Today

A look-out circular has been issued against the directors of ABG Shipyard LtdNew Delhi: Lookout circulars have been issued against the bosses and seni

MUMBAI: A shipbuilding company has been accused of defrauding India’s largest state-run bank and 27 other financial institutions of over $3 billion, the country’s top investigative agency said,...

ABG Shipyard, once the country’s largest private shipyard firm, has been booked by the CBI for defrauding 28 banks of Rs 22,842 crore.

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The CBI has issued a look out circular against ABG Shipyard’s directors and promoters, who have been charged by the agency for defrauding 28 banks to the tune of over Rs 22,800 crore.

Lookout circulars have been issued against the bosses and senior executives of ABG Shipyard in a Rs 23,000 crore alleged bank fraud case. A lookout circular is used to stop any person wanted by the law enforcement authorities from leaving country.

How ABG Shipyard pulled off Indias biggest bank fraud, surprising facts surface - FM Nirmala Sitharaman said while normally it takes 52-56 months to detect bank frauds, lesser time was taken to take action under the Modi government.

Nirmala Sitharaman says loans to ABG Shipyard turned NPAs prior to 2014

The Minister said that the time taken to detect the fraud was less than normal

Sitharaman also said that normally, banks take 52-56 months of time to detect such cases and initiate follow-up actions.