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Enforcement Directorate Raids ABG Shipyard Premises In Connection with Rs 22,000 Crore Bank Scam

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Enforcement Directorate Raids ABG Shipyard Premises In Connection with Rs 22,000 Crore Bank Scam

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“They took loan of Rs 1,228 from Indian Overseas Bank, Rs 1,244 crore from Punjab National Bank, Rs 1,614 crore from Bank of Baroda, Rs 7,089 crore from ICICI Bank and Rs 3,634 crore from IDBI Bank. Later they didn’t pay the bank their dues. Initially the bank initiated an internal inquiry in which it was found that the company was cheating the consortium of Banks by diverting funds to different entities,” the CBI had said.

ABG Shipyard Ltd had been in business with SBI since 2001.

The account of ABG Shipyard turned a non-performing asset (NPA) on 30 November 2013.

The account was restructured under the CDR mechanism on 27 March 2014. However, the operations of the company could not be revived.

On 10 September 2014, N V Dand and Associates was deputed to conduct stock audit of ABG Shipyard Ltd.

The firm submitted its report on 30 April 2016 and observed various faults on the part of the accused company. Subsequently, the account of ABG Shipyard Ltd was declared NPA.

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