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CBI unearths India's biggest-ever bank fraud of Rs 22,842 cr, books ABG Shipyard and its directors : Rashtra News #CBI #unearths #Indias #biggestever #bank #fraud #books #ABG #Shipyard #directors ABG Shipyard, the flagship entity of ABG Group, has been reportedly booked by the Central Bureau of Investigation (CBI) over an alleged Rs 22,842-crore financial fraud.

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ABG Shipyard Ltd, accused in India's biggest bank fraud case, created 27 "paper companies" and used 38 Singapore-based group entities to divert funds borrowed from ICICI Bank-led lenders. The Enforcement Directorate's chargesheet reveals that the diverted funds were transferred to Singapore and invested in tax havens. The paper companies were created solely for the purpose of facilitating circular transactions.

The searches were undertaken on November 24 at seven locations in Mumbai, Pune and Delhi.

ABG Shipyard seeks buyer for Vadraj Cement