new Delhi. ABG Shipyard, a Gujarat-based ship-maker, took huge loans from 28 banks in the country between 2012 and 2017. In such banking scams, usually the money of government banks is killed the most, but this time a private bank came under the guise of the company, which caused the most damage.
Rishi Kamlesh Agarwal, former chairman and MD of ABG Shipyard, raised a huge loan of about Rs 22,842 crore from the SBI-led consortium of banks. In this, the largest share was held by the private sector ICICI Bank. This bank alone had given a loan of Rs 7,089 crore to the company. This is about one-third of the total debt taken by the company.
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These banks also felt sabotaged
ABG Shipyard inflicted the biggest loss among the state-run banks to IDBI Bank, the largest holding of LIC. The company had taken a loan of Rs 3,639 crore from this bank. Apart from this, a loan of Rs 2,925 crore was taken from SBI, Rs 1,614 crore from Bank of Baroda, Rs 1,244 crore from Punjab National Bank, Rs 1,327 crore from Exim Bank, Rs 1,244 crore from Indian Overseas Bank and Rs 719 crore from Bank of India.
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3 thousand crore loans raised from small banks
Apart from these big banks, ABG Shipyard had also taken loans of more than 3 thousand crores from about 20 other small banks. Out of its total loan, Rs 19,801 crore was taken from 8 big banks, while the remaining Rs 3,041 crore was raised from 20 banks. In 2012, audit firm Ernst & Young raised the issue of breaches and irregularities in the company’s financial status for the first time.
Tags: banking scam, ICICI bank
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