ABG Shipyard: FM Nirmala Sitharaman says time taken to detect the fraud is less than usual. 

ABG Shipyard Bank Fraud:

Finance Minister Nirmala Sitharaman’s statement has come for the first time on the ABG Shipyard Bank fraud case. On Monday, defended the time taken by five years to register an FIR against ABG Shipyard in the fraud case of 22,842 crores. She said that the time taken to detect the fraud is less than usual. 

Congress targeted the central government. 

Sitharaman said that the loan to ABG Company was given during the UPA government. The account also became an NPA in 2013 itself. All the banks did the restructuring the loan given to the company in March 2014. But it could not be recovered. Congress has targeted the central government in Rs 22,842 of ABG Shipyard fraud cases. 

Congress asked why PM Modi was silent. 

The ABG Shipyard scam is more significant than the Rs 14,000 crore fraud committed by Nirav Modi and Mehul Choksi with PNB. The party described it as ‘the biggest bank fraud in the country. Congress said PM Modi should tell how this big fraud happened and why he is ‘silent’ on it. 

It takes 52 to 54 weeks to decide the action. 

Sitharaman told the media after a meeting with the RBI’s central board of directors, ‘Banks will get credit in this matter. He took less time than average to catch such frauds. The Finance Minister said that banks usually take 52 to 54 months to detect such cases, decide on the action, and take further action. 

CBI registered the case. 

She said, ‘I will credit the banks in this matter. They took less than average time to detect this type of fraud. The CBI has registered a case against ABG Shipyard Limited and its former Chairman and Managing Director Rishi Kamlesh Agarwal and others in the most significant bank fraud case. The case has been registered for fraud with a consortium of about two dozen banks led by ICICI Bank. 

I won’t talk much about politics. 

The Finance Minister said, ‘I am sitting in the RBI premises. That’s why I will not talk much about politics. But I regret that such things are coming that this is the biggest scam of PM Modi’s tenure. This is almost certainly false. This loan was given before 2013, and this NPA became in 2013 only. “They are making noise, but do not see that when this happened, there was the UPA government,” he said. The health of banks has improved under the NDA government. 

Published by- Aashay Bhujbal

Edited by- Kritika Kashyap