ABG Shipyard Loan Scam

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What is ABG Shipyard?

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

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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)

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

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

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

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