Bank account of ABG Shipyard was declared non-profitable in 2013, when UPA was in power, says CBI


The Central Bureau of Investigation on Tuesday said the bank account of private shipping firm ABG Shipyard was declared a non-profitable assets as per the State Bank of India in 2013, this when the Congress-led UPA government was in power. "As per the bank (SBI) complaint, the non-profitable assets are to the tune of ₹22,842 crore and majority of disbursement took place between 2005 and 2012 by a consortium of 28 banks led by ICICI and included the SBI," the central agency said in a statement. The CBI referred to the forensic audit of the firm from 2012 to 2017 stated that the company was also referred to the national company law tribunal in Ahmedabad on August 1, 2017 by the ICICI Bank for corporate insolvency resolution process. However, several banks declared the account of ABG Shipyard as fraud during the financial year 2019-2020.

The CBI referred to the records of the investigation, stating that the critical period was 2005-2012.

The probe agency cited withdrawal of general consent by the states behind delay in filing the cases.

"The withdrawal of general consent to the CBI by certain states had made filing bank fraud cases more challenging. Over 100 high value bank fraud cases couldn't be registered due to withdrawal of general consent under Section 6 of the DSPE Act," the central probe agency statement said.

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