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ED’s big action in country’s biggest banking scam, money laundering investigation started in ABG Shipyard case

The ABG Shipyard scam is said to be worth more than 22 thousand crores.

New Delhi:

The ED has taken a big action in the country’s biggest banking scam case. ED initiates money laundering probe in ABG Shipyard Bank fraud case. The ED is conducting raids at 26 places in the premises of ABG Shipyard and its directors in Maharashtra and Gujarat. This is believed to be the biggest banking scam of the country, which is worth more than 22 thousand crores. The company had taken loan from 28 banks. CBI had registered a case regarding this scam


Regarding this scam, the Central Bureau of Investigation says that ABG Shipyard and their directors Rishi Agarwal, Santhanam Muthuswamy and Ashwini Agarwal have defrauded banks of more than 22 thousand crore rupees. ABG Shipyard and its flagship company are engaged in the business of building and repairing ships. The shipyards are located at Dahej and Surat in Gujarat.

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According to an information, according to the complaint of SBI, the company had taken a loan of Rs 2925 crore from him. While the outstanding is Rs 7089 crore from ICICI, Rs 3634 crore from IDBI, Rs 1614 crore from Bank of Baroda, Rs 1244 crore from PNB and Rs 1228 crore from IOB.

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