TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    PM Modi targets Congress, RJD for ‘Insulting Ambedkar’, Betraying Dalits

    PM Modi Targets Lalu, Cong for ‘Insulting Ambedkar’, Betraying Dalits

    Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man

    Kerala Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man

    Investigators Probe Power Failure Angle in AI - 171 crash

    What Brought Down AI-171? Investigators Probe Power Failure Angle

    Tanya Tyagi, Indian student in Canada's University of Calgary, dies suddenly.

    Another Indian Student’s Death in Canada Sparks Growing Alarm

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    Get Insurance: Secure your Tomorrow with Confidence

    Get Insurance: Secure your Tomorrow with Confidence

    real estate

    US Firms Hit All-Time High in Office Space Leasing Across India: Report

    PM Narendra Modia

    11 Years of Modi Govt: Making Welfare Seamless with Direct Benefit Transfers, DigiLocker, UMANG

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    ICRA’s analysis highlights that defence companies are benefitting from strong execution progress

    India’s Defense Sector Set for 15–17% Growth in FY26: ICRA Report

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    British F-35 Fighter Jet Stranded: Technical Glitch Grounds Stealth Aircraft

    British F-35 Fighter Jet Stranded in India for 4 Days: Technical Glitch Grounds Stealth Aircraft

    reliance infrastructure in strategic partnership

    Reliance Infrastructure and Dassault Aviation Expand Falcon Jet Manufacturing to India

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Pakistan Water Crisis: River Flow Down 20 pc in Three Key Region

    River Flow Declines by 20 pc in Three Major Regions, Deepening Pakistan’s Water Crisis

    Pak Deputy PM Confirms Indian Strikes on Airbases; Saudi Mediation Bid

    Pak Deputy PM Confirms Indian Strikes on Airbases; Saudi Mediation Bid

    Air India Crash: Probe Intensifies as Global Agencies Join In

    Air India Crash: Black Box May Be Sent to U.S.

    Khalistani Extremists Using Canadian Soil to Fund and Plot Anti-India Attacks: Canada's intelligence agency CSIS

    Khalistani Extremists Targeting India from Canada: Canada’s Intelligence Agency

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    jagannath rath yatra

    Everything You Need to Know About Jagannath Rath Yatra: History, Significance, Rituals, and Celebrations

    Bobby Mukkamala Becomes 1st Indian-American President of AMA

    Bobby Mukkamala Becomes First Indian-American President of the American Medical Association

    The Vedic Ethos: A Civilization of Knowledge and Inquiry

    From Rigvedic Wisdom to Modern Decay: How Islamisation Crushed a Knowledge Civilization

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Lenacapavir becomes first FDA-approved HIV preventive drug

    FDA Approves First Twice-Yearly HIV Prevention Shot: Lenacapavir

    Community Favorites Right Now: Ten Games Players Can’t Stop Talking About

    Community Favorites Right Now: Ten Games Players Can’t Stop Talking About

    Low-power computing: towards a sustainable future

    Low-power computing: towards a sustainable future

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    PM Modi targets Congress, RJD for ‘Insulting Ambedkar’, Betraying Dalits

    PM Modi Targets Lalu, Cong for ‘Insulting Ambedkar’, Betraying Dalits

    Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man

    Kerala Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man

    Investigators Probe Power Failure Angle in AI - 171 crash

    What Brought Down AI-171? Investigators Probe Power Failure Angle

    Tanya Tyagi, Indian student in Canada's University of Calgary, dies suddenly.

    Another Indian Student’s Death in Canada Sparks Growing Alarm

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    Get Insurance: Secure your Tomorrow with Confidence

    Get Insurance: Secure your Tomorrow with Confidence

    real estate

    US Firms Hit All-Time High in Office Space Leasing Across India: Report

    PM Narendra Modia

    11 Years of Modi Govt: Making Welfare Seamless with Direct Benefit Transfers, DigiLocker, UMANG

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    ICRA’s analysis highlights that defence companies are benefitting from strong execution progress

    India’s Defense Sector Set for 15–17% Growth in FY26: ICRA Report

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    India’s Hypersonic Glide Missile Nears Completion, Says DRDO Chief

    British F-35 Fighter Jet Stranded: Technical Glitch Grounds Stealth Aircraft

    British F-35 Fighter Jet Stranded in India for 4 Days: Technical Glitch Grounds Stealth Aircraft

    reliance infrastructure in strategic partnership

    Reliance Infrastructure and Dassault Aviation Expand Falcon Jet Manufacturing to India

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Pakistan Water Crisis: River Flow Down 20 pc in Three Key Region

    River Flow Declines by 20 pc in Three Major Regions, Deepening Pakistan’s Water Crisis

    Pak Deputy PM Confirms Indian Strikes on Airbases; Saudi Mediation Bid

    Pak Deputy PM Confirms Indian Strikes on Airbases; Saudi Mediation Bid

    Air India Crash: Probe Intensifies as Global Agencies Join In

    Air India Crash: Black Box May Be Sent to U.S.

    Khalistani Extremists Using Canadian Soil to Fund and Plot Anti-India Attacks: Canada's intelligence agency CSIS

    Khalistani Extremists Targeting India from Canada: Canada’s Intelligence Agency

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    India Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    India’s Education Sector Makes Global Strides in QS Rankings 2026 with Record 54 Institutions

    jagannath rath yatra

    Everything You Need to Know About Jagannath Rath Yatra: History, Significance, Rituals, and Celebrations

    Bobby Mukkamala Becomes 1st Indian-American President of AMA

    Bobby Mukkamala Becomes First Indian-American President of the American Medical Association

    The Vedic Ethos: A Civilization of Knowledge and Inquiry

    From Rigvedic Wisdom to Modern Decay: How Islamisation Crushed a Knowledge Civilization

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Troubleshooting LED Power Supply Issues: A Step-by-Step Guide

    Lenacapavir becomes first FDA-approved HIV preventive drug

    FDA Approves First Twice-Yearly HIV Prevention Shot: Lenacapavir

    Community Favorites Right Now: Ten Games Players Can’t Stop Talking About

    Community Favorites Right Now: Ten Games Players Can’t Stop Talking About

    Low-power computing: towards a sustainable future

    Low-power computing: towards a sustainable future

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Nirav Modi and Vijay Mallya are nothing in front of this scam!

TFI Desk by TFI Desk
14 February 2022
in Trending
Scam
Share on FacebookShare on X

RelatedPosts

Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

RBI Slashes Repo Rate by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

CBI Files Chargesheet Against Former J&K Governor Satyapal Malik in Kiru Hydropower Case

Load More
  • Another big scam has come to light in the country.
  • This scam is bigger than the one by Vijay Mallya (9,000 crore rupees) and Nirav Modi (14,000) with estimated fraud of around 22,842 crore rupees
  • ABG Shipyard is a three-and-a-half-decade old company, run by Chairman and Managing Director Rishi Kamlesh Agarwal.

 

Another big scam has come to the light in India, This scam is even bigger than the one by Vijay Mallya (9,000 crore rupees) and Nirav Modi (14,000) with estimated fraud of around 22,842 crore rupees or more than 3 billion dollars. ABG Shipyard, a three-and-a-half-decade old company, run by Chairman and Managing Director Rishi Kamlesh Agarwal, has defrauded many PSUs and private sector banks with thousands of crore rupees.

CBI has registered the then Executive Director Santhanam Muthaswamy, Directors Ashwini Kumar, Sushil Kumar Agarwal, and Ravi Vimal Nevetia, and another company ABG International Pvt Ltd for alleged offenses of criminal conspiracy, cheating, criminal breach of trust, and abuse of official position under the IPC and the Prevention of Corruption Act.

Finance Minister Nirmala Sitharaman said that the investigation agencies took lesser time to detect the loans that turned NPA during the UPA era. “…in this particular case with that kind of a measurement, actually, I should say to the credit to the banks, they’ve taken lesser than what is normally an average time to detect these kinds of frauds,” Finance Minister Nirmala Sitharaman said at a press conference after addressing the members of the RBI board.

Talking about the chronology of the case, SBI said ABG Shipyard, which was incorporated on 15 March 1985, has been under banking arrangements since 2001. “Financed under consortium arrangement over a two dozen lenders. The leader in Consortium was ICICI Bank. Due to poor performance, the account became NPA on 30/11/2013. Several efforts were made to revive the company operations but could not succeed,” a statement from the biggest state-owned bank said.

ABG Shipyard, one of the largest ship manufacturing companies in the country, took loans worth thousands of crore rupees from private and public sector banks with the intention to never pay them back. The company siphoned the money into other accounts, and many bank employees are also said to be involved in whole fraud.

“The Forensic Audit report dated 18.01.2019 submitted by M/s. Ernst & Young LP for the period April 2012 to July 2017 revealed that the accused have colluded together and committed illegal activities including diversion of funds, misappropriation, and criminal breach of trust and for purposes other than for the purpose for which the funds are released by the Bank”, the CBI said in its FIR.

Further details of the issue will emerge slowly but the broad storyline remains the same. A company got loans worth thousands of crore rupees from PSUs and private banks using its political connections and could not pay them back due to two reasons – the first being the slowdown of the global and Indian economy in the last decade and the second being not having the intention to pay back or declare a default.

The NPA crisis during the UPA era emerged due to the slowdown of the global economy and phone call loans drained the Indian economy in the last decade. In the last few years, the Modi government tried to solve the issue by implementing structural reforms such as the Insolvency and Bankruptcy Code, which has played a major role in improving the state of the political economy and the quality of the firms operating in the market. This case is also expected to go through IBC process to get resolved.

Tags: ABG ShipyardCBINirav ModiNirmala SitharamanRBIUPAVijay Mallya
ShareTweetSend
Previous Post

Ford is coming back to India!

Next Post

Vikram Sampath’s book on Savarkar has set the posteriors of liberals on fire

Related Posts

PM Modi targets Congress, RJD for ‘Insulting Ambedkar’, Betraying Dalits
Trending

PM Modi Targets Lalu, Cong for ‘Insulting Ambedkar’, Betraying Dalits

20 June 2025

As Bihar’s high‑stakes assembly race intensifies ahead of polls later this year, Prime Minister Narendra Modi has unleashed a blistering attack...

Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man
Crime

Kerala Woman Ends Life After SDPI-Linked Moral Policing Over Friendship With Man

20 June 2025

A 40-year-old woman named Raseena, a resident of Parambayi in Vengad panchayat in Kerala’s Kannur district, died by suicide...

Investigators Probe Power Failure Angle in AI - 171 crash
Trending

What Brought Down AI-171? Investigators Probe Power Failure Angle

20 June 2025

In a chilling first for Indian aviation, a Boeing 787 Dreamliner considered one of the safest and most advanced...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

when the God leaves the temple to be with his devotees.

when the God leaves the temple to be with his devotees.

00:05:31

R.P. Singh Exposes AAP: Following Indira's Model of Separatist Appeasement?

00:11:04

kamakhya Devi and the Power of Menstruation: Ambubachi Mela Explained.

00:04:47

From love to murder- how five plots took down raja raghuvanshi

00:04:38

Marriage gone murderous: expert explains the gruesome murder case.

00:13:01
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited