ABG Shipyard Loan Scam

In the country's biggest banking scam, the CBI has registered an FIR against ABG Shipyard Company.

What is ABG Shipyard?

ABG Shipyard Ltd is a part of the ABG Group of companies with diversified business interests.

ABG Shipyard Company had taken loans from State Bank of India, ICICI, Punjab National Bank, IDBI Bank, Bank of Baroda and Indian Overseas Bank

ABG Shipyard Company had taken loan of ₹ 2,925 crore from State Bank of India, ₹ 3634 crore from ICICI Bank, ₹ 3,634 crore from IDBI Bank, ₹ 1,614 crore from Bank of Baroda, ₹ 1,244 from Punjab National Bank (PNB) and ₹ 1,228 crore from Indian Overseas Bank (IOB)

The SBI first filed a complaint on November 8, 2019 on which the SBI sought some clarifications on March 12, 2020.

ABG Shipyard has been borrowing since 2005, but due to non-payment of arrears, the account became a Non-Performing Asset (NPA) in 2013.

Rishi Agarwal was the former chairman and managing director of ABG Group Company.

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