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Bank fraud of Rs 22842 Crs: Shadow of phone banking system continues to linger
By IndianMandarins- 15 Feb 2022
1260New Delhi (15.02.2022): The insidious system of 'phone banking' continues to cast its shadow despite the several measures taken in the last six-seven years. The latest revelation in this regard is the huge loan default of ₹22,842 crores taken by ABG Shipyard in the UPA-2 regime. Even though the company's deeds came to be known a few years ago, the cumbersome 'due process' with which the government has tied its own hands ensured that the action could be initiated only now - when, if a fair and simple system of detecting and preventing a loan default of this magnitude would have ensured the conclusion of a case like this one. Anyway, finally, the Central Bureau of Investigation has registered a case on a complaint from the State Bank of India against the ABG shipyard and its Directors/Promoters and another associated private company and unknown Public Servant(s) & Private Person(s) for causing an alleged loss of Rs.22,842 Crore (approx) to a consortium of 28 banks led by State Bank of India.
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Bank fraud of Rs 22842 Crs: Shadow of phone banking system continues to linger
By IndianMandarins - 2022-02-15 10:45:00
New Delhi (15.02.2022): The insidious system of 'phone banking' continues to cast its shadow despite the several measures taken in the last six-seven years. The latest revelation in this regard is the huge loan default of ₹22,842 crores taken by ABG Shipyard in the UPA-2 regime.
Even though the company's deeds came to be known a few years ago, the cumbersome 'due process' with which the government has tied its own hands ensured that the action could be initiated only now - when, if a fair and simple system of detecting and preventing a loan default of this magnitude would have ensured the conclusion of a case like this one.
Anyway, finally, the Central Bureau of Investigation has registered a case on a complaint from the State Bank of India against the ABG shipyard and its Directors/Promoters and another associated private company and unknown Public Servant(s) & Private Person(s) for causing an alleged loss of Rs.22,842 Crore (approx) to a consortium of 28 banks led by State Bank of India.
