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ABG Shipyard defrauded 28 banks of 22,842 crores, know which are the biggest banking scams of India

Biggest Bank Frauds in India: Bank is an important part of the economy of any country. Bank is a place where common people keep their small and big savings and make plans according to the future. Cases of bank scams keep coming to the fore every day in the country, in such a situation, imagine that you have saved money from your earnings and deposited it in the bank and suddenly one day you come to know that your money has sunk. Such a situation is due to the collapse of the banking system. Another biggest case of bank fraud has come to light in the country. The CBI has registered a case against ABG Shipyard Limited and its then Chairman and Managing Director Rishi Kamlesh Agarwal, among others. The suit has been registered in connection with an alleged fraud of over Rs 22,842 crore from a consortium of banks led by the State Bank of India (SBI).

Apart from Agarwal, the agency has also booked the then executive director Santhanam Muthaswamy, directors – Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for allegedly criminal conspiracy, cheating, criminal breach of trust and official misappropriation. filed suit for These people have been booked under the Indian Penal Code and the Prevention of Corruption Act. SBI as well as 28 banks and financial institutions had sanctioned loans of Rs 2468.51 crore to the company, the official said. He said the forensic audit revealed that between 2012-17, the accused allegedly colluded and carried out illegal activities, including misappropriation of funds and criminal breach of trust. This is the biggest bank fraud case registered by the CBI.

This is not the first case of bank fraud. Even before this, many banking scams have come to the fore. Here we have told about the biggest banking scams of the country including Punjab National Bank scam and PMC Bank scam.

Vijay Mallya’s Rs 9000 crore scam

A case of fraud and money laundering of Rs 9000 crore is going on against Vijay Mallya, who is absconding by taking loan from liquor businessman and banks. Despite repeated summons from the Supreme Court, Mallya has not appeared yet. A few days ago, the Supreme Court has given him two weeks to appear in the cart for the last time. However, banks have recovered a lot of their money so far. According to a news, the lending banks have recovered 81 percent of their money so far. This means that now only 19 per cent of the amount is yet to be recovered.

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Punjab National Bank scam

You all must remember Nirav Modi’s Punjab National Bank scam. Nirav Modi and his uncle Mehul Choksi are accused of fraud of more than Rs 13500 crore. He did this fraud in Punjab National Bank (PNB) and escaped. Apart from Nirav Modi, his wife Ami, brother Nishal, and uncle Mehul Choksi are the main accused in this scam. It was the biggest banking scam in India at that time.

videocon scam

This case of money laundering was registered in January 2019. It was alleged that money laundering has been done in the deal between ICICI Bank and Videocon Group. ICICI Bank and Videocon shareholder Arvind Gupta wrote a letter to the Prime Minister, Reserve Bank and SEBI accusing Videocon Chairman Venugopal Dhoot and ICICI CEO and MD Chanda Kochhar of benefiting each other. It claims that Dhoot’s company Videocon was given a loan of Rs 3250 crore from ICICI Bank and in return Dhoot invested his money in the alternative energy company ‘NewPower’ of Chanda Kochhar’s husband Deepak Kochhar.

The ED alleges that a committee of ICICI Bank headed by Chanda Kochhar sanctioned a loan of Rs 300 crore to Videocon International Electronics Ltd, and the day after the loan was released, Videocon Industries on September 8, 2009, sanctioned Rs 64 crore to NuPower Renewables Pvt. Ltd. (NRPL). NRPL is owned by Deepak Kochhar. The CBI registered a case on January 22, 2019 and started investigation against Deepak Kochhar, Chanda Kochhar, Venugopal Dhoot and their respective firms.

PMC Bank scam

A big scam came to light in Punjab and Maharashtra Cooperative Bank. In the year 2019, there was a bank scam of Rs 4 thousand 355 crore in PMC Bank, the main accused of which was the bank’s director Daljit Singh Bal. The Maharashtra Economics Offenses Wing (EOW) was investigating this bank scam. In September 2019, with the help of a whistle-blower, the RBI came to know that PMC Bank was using fake bank accounts to give loans of around Rs 6500 crore to a real estate developer in Mumbai. As soon as the information surfaced, lakhs of bank holders realized that their hard earned money was stuck due to the scam. In order to save PMC Bank from crisis, RBI had imposed a moratorium on withdrawal of money in September 2019 i.e. set the withdrawal limit.


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