fbpx
  Previous   Next
HomeBusinessCongress Slams BJP On Rs 22,842 Crore Mega Loan Fraud

Congress Slams BJP On Rs 22,842 Crore Mega Loan Fraud

The Congress Monday accused the Narendra Modi-led Central government of ‘complicity, collusion and connivance’ by those sitting in the highest echelons of power in what it called ‘India’s biggest fraud’.

Addressing a press conference here, Congress leader Gaurav Vallabh said, “‘Shahenshah’s’ promise was $5 trillion economy, but he gave us bank fraud of Rs 5.35 trillion in the last 7.5 years.”

Vallabh’s remarks came after it was found that the sensational Rs 22,842 crore mega loan fraud allegedly perpetrated by the Gujarat-based ABG Shipyard Ltd (ABGSL) did not even spare the IPObound Life Insurance Corporation of India (LIC), while ICICI Bank and IDBI Bank took the worst-hit among other government, private, and foreign banks and NBFCs.

“Average fraud in the banking industry per day in the last 7.5 years (2,737 days) is Rs 195.5 crores a day, as per an RTI reply, while RBI’s recovery rate in 2020-21 of these frauds stood at 0.7 per cent. ‘Loot and escape’ is Modi government’s flagship scheme for bank fraudsters. A total of Rs 22,842 crore of public money was swindled. Ease of committing fraud is the new scheme launched by the Modi government for bank fraudsters,” Vallabh said.

The Congress also alleged that the biggest ever bank fraud of Rs 22,842 crore happened under Modi government’s watch, and after a five-year delay, the CBI finally registered an FIR on February 7 against Gujarat-based ABG Shipyard owned by Rishi Agarwal and others for duping 28 banks.

The State Bank of India (SBI), which first reported the scam, has named ABG Shipyard Ltd, the corporate guarantor ABG Shipyard International Pvt Ltd, the company’s Chairman-cum-Managing Director Rishi Kamlesh Agarwal, Executive Director Santhanam Muthaswamy, Directors Sushil Kumar Agarwal, Ashwini Kumar (all from Mumbai), Ravi Vimal Nevetia (Pune), besides unknown persons and public servants.

Private lender ICICI Bank has been duped of a staggering Rs 7,089 crore the highest followed by the IDBI Bank Ltd with a fraud amount of Rs 3,639 crore.

More News

India Will Have 1 Billion Smartphone Users By 2026

Giving a thrust on domestic manufacturing, Prime Minister Narendra Modi on Tuesday said that mobile manufacturing units have increased from just two in 2014...

Cataract Could Soon Be Treated With Drugs

A revolutionary new treatment for cataract has shown extremely positive results in laboratory tests, giving hope that the condition, which currently can only be...

Punjab CM Bhagwant Mann Has Decides To Abandon Special Cells In Jails For VIP Prisoners

In a major crackdown on the nexus of gangsters and criminals operating from jails, the Punjab government teams have confiscated 710 mobile phones from...

RELATED NEWS

India Will Have 1 Billion Smartphone Users By 2026

Giving a thrust on domestic manufacturing, Prime Minister Narendra Modi on Tuesday said that mobile manufacturing units have increased from just two in 2014...

Electric Vehicle Maker Rivian On Track To Build 25,000 Vehicles In 2022

Electric vehicle maker Rivian Automotive maintained its 2022 production target, saying it’s still on track to build 25,000 vehicles this year, as it reported...

Elon Musk Says Businesses And Governments Accounts Likely To Pay To Use Twitter

Elon Musk has said that businesses and governments may soon need to pay a “slight cost” to use Twitter just weeks after announcing he...