{"id":1214,"date":"2022-02-14T06:46:43","date_gmt":"2022-02-14T06:46:43","guid":{"rendered":"https:\/\/www.invest19.com\/blog\/?p=1214"},"modified":"2022-02-14T06:46:45","modified_gmt":"2022-02-14T06:46:45","slug":"adding-to-the-list-of-bank-frauds-rs22842-crores-bank-fraud-by-abg-shipyard","status":"publish","type":"post","link":"https:\/\/www.invest19.com\/blog\/adding-to-the-list-of-bank-frauds-rs22842-crores-bank-fraud-by-abg-shipyard\/","title":{"rendered":"Adding to the list of bank frauds- Rs22,842 crores  bank fraud by ABG SHIPYARD"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p>Already\nmulling over slow economic growth, higher inflation, and political dramas\nacross the country, Indian stock markets hit with another blow of bank fraud. This\nis said to be the largest bank fraud, witnessed by the country, amounting to a\nwhopping amount of Rs22,842 crores.<\/p>\n\n\n\n<p>ABG SHIPYARD <\/p>\n\n\n\n<p>ABG Shipyard is one\nof the largest private-sector shipbuilding yards in the country, certified by\nDNV for ISO 9001-2008, founded in the year 1985. To date, the company has\ndelivered 149 specialized and sophisticated vessels and has orders in hand\nworth Rs 16,600 crores. It has State of the art manufacturing facilities at\nDahej and Surat in Gujrat. It operates a ship repair unit in Goa, the largest\nship maintenance facility in&nbsp; India.<\/p>\n\n\n\n<p><strong>Timeline of biggest bank fraud of the country<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In\nJuly 2016 the shipyard&#8217;s loan account was declared as a non-performing asset\n(NPA).<\/li><li>State\nbank of India filed its first complaint on 8th November 2019. <\/li><li>The\naccount was declared as Fraud.<\/li><li>CBI\ncame into the picture and sought some more clarification in March 2020.<\/li><li>SBI\nfiled a new complaint in August 2020.<\/li><li>CBI\nacted on SBI&#8217;s complaints after scrutinizing for over a year on 7 Feb 2022.<\/li><\/ul>\n\n\n\n<p><strong>Who all made it to the CBI List<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Rishi\nAggarwal (chairman)<\/li><li>Santhanam\nMuthaswamy( former executive director)<\/li><li>Ashwini\nKumar (director)<\/li><li>Sushil\nKumar (director)<\/li><li>Ravi\nVimal Nivetia (director)<\/li><li>ABG\nInternational Pvt Ltd.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Charges against the defaulters<\/strong><\/p>\n\n\n\n<p>Criminal\nConspiracy, cheating, criminal breach of trust, and abuse of official position\nunder the IPC and the Prevention of Corruption Act<\/p>\n\n\n\n<p><strong>List of banks with the respective amount claimed<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"660\" src=\"https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud.png\" alt=\"\" class=\"wp-image-1215\" srcset=\"https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud.png 766w, https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud-300x258.png 300w, https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud-464x400.png 464w, https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud-580x500.png 580w, https:\/\/www.invest19.com\/blog\/wp-content\/uploads\/2022\/02\/bank-fraud-673x580.png 673w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><figcaption><br><\/figcaption><\/figure>\n\n\n\n<p><strong>Stocks to avoid<\/strong><\/p>\n\n\n\n<p>ICICI bank has the\nmaximum exposure and the second being IDBI and SBI having the third-largest\nexposure in Rs22,824 crores fraud.<\/p>\n\n\n\n<p>All the banks in\nthe list must be avoided to buy at this point. However, it will give investors\na buying opportunity in shares like ICICI Bank, SBI at lower prices.<\/p>\n<div class='epvc-post-count'><span class='epvc-eye'><\/span>  <span class=\"epvc-count\"> 2,180<\/span><\/div><div class=\"pld-like-dislike-wrap pld-template-1\">\n    <div class=\"pld-like-wrap  pld-common-wrap\">\n    <a href=\"javascript:void(0);\" class=\"pld-like-trigger pld-like-dislike-trigger \" title=\"\" data-post-id=\"1214\" data-trigger-type=\"like\" data-restriction=\"ip\" data-ip-check=\"0\" data-user-check=\"1\">\n                        <i class=\"fas fa-thumbs-up\"><\/i>\n                    <\/a>\n    <span class=\"pld-like-count-wrap pld-count-wrap\">2    <\/span>\n<\/div><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Already mulling over slow economic growth, higher inflation, and political dramas across the country, Indian stock markets hit with another blow of bank fraud. This [&hellip;] <span class=\"read-more-link\"><a class=\"read-more\" href=\"https:\/\/www.invest19.com\/blog\/adding-to-the-list-of-bank-frauds-rs22842-crores-bank-fraud-by-abg-shipyard\/\">Read More<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":1216,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180,10],"tags":[],"class_list":["post-1214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-featured"],"_links":{"self":[{"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/posts\/1214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/comments?post=1214"}],"version-history":[{"count":1,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/posts\/1214\/revisions"}],"predecessor-version":[{"id":1217,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/posts\/1214\/revisions\/1217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/media\/1216"}],"wp:attachment":[{"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/media?parent=1214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/categories?post=1214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invest19.com\/blog\/wp-json\/wp\/v2\/tags?post=1214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}