ABG Scam: ICICI, IDBI and LIC Worst-Hit

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ABG Scam: ICICI, IDBI and LIC Worst-Hit

February 14, 2022

The biggest scam in the recent times, the ABG scam has left the entire nation shocked. Moreover, the ABG scam has left a tremendous amount of pressure of IPO’s and banking sector, the worst affected being ICICI bank and IDBI bank. Not only that, the life insurance corporation of India (LIC) has also been affected by this mega loan scam.

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.

However, the private ICICI Bank has been duped of a staggering Rs 7,089 crore – the highest – followed by the IDBI Bank Ltd, ranking second with the fraud amount of Rs 3,639 crore. At the third position is the SBI which has admitted its exposure to the tune of Rs 2,925 crore. The giant-IPO bound LIC also has been grazed – by Rs 136 Crores – with the sole consolation being the entire amount is said to be ‘secured’.

This mega loan scam was first reported by the SBI. The SBI took police complaints which was later lodged by the CBI only around 20 months after the Forensic Audit report, while the central probe agency took cognisance 18 months later to file the FIR on Feb 7,2022.

Story By- Saayak Karmakar, Resident Editor, Interview Times

Image Source- Google

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