On February 12, it was reported that the Central Bureau of Investigation (CBI) had registered an FIR against ABG Shipyard and its directors for allegedly duping 28 banks of Rs 22,842 crore. India's biggest bank loot that ever happened. This scam is even bigger than by Vijay Mallya (Rs 900 Crore) and Nirav Modi (Rs 14,000 Crore).

  

 

ABG Shipyard Ltd, a 35-year-old, run by Chairman and Managing Director Rishi Kamlesh Agarwal has defrauded many PSUs and private sector banks with thousands of crore rupees. With the elections going on Congress has found another reason to erupt controversy and start the blame game. It was quick to accuse PM Modi and his govt. Congress has accused it of helping the Gujarat base firm because the fraud occurred in a BJP-ruled state.

 

 

ABG Shipyard was incorporated on 15 March 1985. It had a total capital liability of Rs 278.70 Crore in March 4 which increased to Rs 5,394.23 by March 10. No problem with that. The business was growing. But under whose छत्रछाया? See how "Modi" helped ABG Shipyard-

 

2009: Company was selected to build 11 high-speed water jet-propelled interceptors for Coast Guard but who gave the contract? UPA Govt under "CONgress."

 

 

Oct 10: ABG took over a PSU "Western India Shipyard Ltd" but who sold PSU? UPA Govt under CONgress. Who was funding? Banks!

 

2011: ABG was awarded a Rs 9700 Crore deal to build 2 cadet training ships for the Indian Navy. Who gave the contract? UPA Govt under CONgress.

 

2012: It won an order again for Rs 500 Crore from UPA Govt under CONgress. Where was money managed from? Bank Loans!

 

Absolutely, no problem with the expansion of business by raising debts but if one can afford to pay EMI & interest on Working Capital Advances. But with so many orders in hand, that too from the central government should there be problem with Regular Repayments?

 

 

November 13: It was declared NPA for "Non-Operations" Failure to pay EMI & Interest against Advances. Then what about so many orders from Central Govt for Navy & Coast guard? No follow-up by UPA Govt? The company kept on being "GIFTED" loans & the capital liability reached Rs 12,187.84 Crore. The account is already NPA.

 

To clean up this mess, they called Chidambaram & then RBI Governor Raghuram Rajan. "All" ABG Shipyard debts were immediately "restructured" in March 2014 under instructions from then Finance Minister Chidambaram & RBI Governor Raghuram Rajan... WITHOUT ANY FORENSIC AUDIT!

 

ABG continued with a record of being NPA wrt Restructured Loans too as the business had already ceased to exist. ABG was declared NPA in July 16 wrt Restructured Loan too putting it in "Dirty Dozen NPA" list & RBI NOW ordered Forensic Audit.

 

Audit Report-

 

Take a microscope and tell how has PM Modi & his Govt are involved in this Scam which originated & continued under UPA Govt. The current govt is in fact cleaning the System & has booked the accused at the fastest speed.

 

It should be also noted that the bank that disbursed most loans to ABG Shipyard was ICICI. The bank's CFO & Joint MD at ICICI in 2007-09 was Chanda Kochhar who is supposed to be close to Chidambaram & Raghuram Rajan.

 

The dots have been connected.

 

(The article is based on Twitter Thread)