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CBI issues lookout notice against ABG Shipyard

The CBI today said it has issued lookout circulars against nine accused, including ABG Shipyard Limited chairman Rishi Kamlesh Agarwal, in connection with an alleged bank loan fraud of over Rs 22,842 crore.

The company which once supplied, repaired and built ships for the Indian Navy, Coastguard and many private ships nationally and globally, is now being probed for committing the biggest bank fraud in the history of India.

Termed as India’s ‘biggest bank fraud’ till date, ABG Shipyard, once India’s largest private shipyard firm is now the new topic for a war of words between the ruling Bharatiya Janata Party and the main Opposition, the Congress party.

Meanwhile, the Congress and the BJP are at loggerheads over the scam that has surfaced now. Hitting out at accusations made by Congress, Finance Minister Nirmala Sitharaman said that while normally it takes 52 to 56 months to detect such bank frauds, lesser time was taken to detect and take action under the present government.

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