*ABG Shipyard Story* ...

*5 YEARS, 28 BANKS* ,

 *₹.23,000 CRORE DEBT* --

 *HOW ABG SHIPYARD PULLED OFF..* 

 _*INDIA'S BIGGEST EVER BANK FRAUD..!!??*_ 

 _*For ease of reading only*_ ....

 *ABG Shipyard Story* ...

 *ABG Shipyard Ltd....run by Chairman and Managing Director Rishi Kamlesh Agarwal has defrauded many PSUs and private sector banks with thousands of crore rupees.* 

 *CONgress was quick to accuse PM Modi for the scam connecting Co's Gujrat base with him.* 

 *How Smart* !!

◾ *ABG Shipyard was incorporated on 15 March 1985.* 

◾- *ABG Shipyad had total Capital Liability of ₹278.70 Crore in Mar04 which increased to ₹5,394.23 by Mar10.* 

 *No problem with that. Co's business was growing.* 

 *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* 

 *Who gave Contract? UPA Govt under CONgress.* 

◾ *Oct 10: ABG took over a PSU  "Western India Shipyard Ltd"* 

 *Who sold PSU? UPA Govt under CONgress.* 

 *Who was funding? Banks!!!* 

◾ *2011 : ABG was awarded a ₹9700 Crore deal to build 2 cadet training ships for the Indian Navy.* 

 *Who gave Contract?....UPA Govt under CONgress.* 

◾ *2012 : It won an order again for  ₹500 Crore from UPA Govt under CONgress.* 

 *Where was money managed from? Bank Loans!!!* 

 *No problem with 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 hands, that too from Central Govt, should there be problem with Regular Repayments?* 

 *Now comes the twist in story* .

◾ *ABG Shipyard was declared NPA in Nov 13 for "Non Operations" Failure to pay EMI & Interest against Advances* 

 *"Non Operations" ???? Sounds interesting. Isn't it?* 

 *Then what about so many orders from Central Govt for Navy & Coast guard? No follow up by UPA Govt?* 

 *Anyways* ..

 *ABG kept on being "GIFTED" loans & it's Capital Liability reached ₹ 12,187.84 Crore.* *Account is already NPA.* 

 *Now water was raising above head for Banks* .

 *So here steps in Great 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 !!!* 

 *Intersting, Isn't it?* 

 *ABG continued with glorious record of being NPA wrt Restructured Loans too as business had already ceased to exist.* 

◾ *Finally..ABG was declared NPA in July16 wrt Restructured Loan too putting it in "Dirty Dozen NPA" list & RBI NOW ordered Forensic Audit* .

 *AUDIT REPORT* :

 *Forensic Audit report submitted by M/s. Ernst & Young LP on 18 Jan19 for Apr12 to July17 says:*

" *ACCUSED HAVE COLLUDED TOGETHER & COMMITTED ILLEGAL ACTIVITIES including DIVERSION of FUNDS,* *MISAPPROPRIATION, CRIMINAL BREACH of TRUST & for PURPOSES OTHER THAN FOR LOANS GIVEN"* 

 *Lastly..Which bank disbursed Most Loans to ABG Shipyard?..ICICI.* 

 *Who was bank's CFO & Joint MD at ICICI bwn 2007-09 when ICICI was दानवीर कर्ण in giving loans to ABG?..Chanda Kochhar.. Supposed to be CLOSE to Chidambaram & Raghuram Rajan.* 

 *Do I need say anything more?* 

 *Now....take a Microscope and tell me how has PM Modi & his Govt was/is involved in this Another Scam which originated & continued under UPA Govt* .

 *Modi Govt is infact Cleaning the System & has booked the accused...in fact, at a fastest speed.*

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 *_5 years, 28 banks,              ₹ 23,000 cr debt — how ABG Shipyard pulled off 'India's biggest bank fraud_ '* 

 https://theprint.in/theprint-essential/5-years-28-banks-rs-23000-cr-debt-how-abg-shipyard-pulled-off-indias-biggest-bank-fraud/831696/