ABG Shipyard Scam: The foundation of the country’s biggest banking scam was laid in the recession of 2008

ABG Shipyard Scam: The foundation of the country's biggest banking scam was laid in the recession of 2008

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new Delhi. The problems of ABG Shipyard, a company trapped in an alleged scam of about Rs 23 thousand crore, are increasing continuously. Now the Enforcement Directorate has registered a criminal case of money laundering against its former promoters along with others. Earlier, the Central Bureau of Investigation (CBI) had registered an FIR against him.

Look out circular has been issued against the five accused in the ABG Shipyard case registered by the CBI. After the issue of look out circular, now these accused will not be able to leave the country. But, do you know when and how this biggest banking scam of the country started? Come, know through this news the full story of this big scam…

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Order loss, inventory piled up
In fact, the ABG Shipyard case started after the global economic downturn during 2007-08. The company was in the business of shipbuilding, which became sluggish after the economic downturn. This caused him a loss of order. Alam was that he had a pile of inventory. In the end, the case of financial fraud came out. A forensic investigation revealed that the company flouted the rules and diverted the loan money.

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New Defense Order not received
During this crisis, the company faced a shortage of working capital and a huge increase in the operation cycle. This increased its liquidity and financial problems. In the year 2015, the company did not get any new defense order, which added to its crisis.

No relief from loan restructuring
Despite this, banks had extended a helping hand to the company to handle its declining business by restructuring its loan under the Corporate Loan Restructuring. However, even this did not end the bad phase of ABG Shipyard. Due to all these reasons the company defaulted. Banks had restructured the company’s loan in March 2014, but this effort also failed.

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NPA account in 2016
The company’s account was declared a non-performing asset (NPA) in July 2016 after the loan restructuring failed. It came into force with the retrospective date of 30 November 2013. Altogether, ABG Shipyard owes 28 banks including SBI, ICICI Bank, IDBI Bank, Bank of Baroda, Punjab National Bank, Bank of India, Life Insurance Corporation of India, IFCI and Yes Bank.

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