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Bank fraud: ED registers money laundering case against ABG Shipyard

 The Enforcement Directorate has registered a criminal case of money laundering against ABG Shipyard Ltd, its former promoters along with others for allegedly cheating a consortium of 28 banks of......

ED raids 26 locations in ABG Shipyard bank fraud case

 The Enforcement Directorate on Tuesday raided multiple premises in Mumbai, Pune and Surat in connection with a money laundering probe against ABG Shipyard Ltd in an alleged Rs 22,842 crore bank......

Maharashtra among states to delay CBI probe into ABG Shipyard: Govt

 The government on Tuesday said investigations in the ABG Shipyard case were delayed because some state governments including Maharashtra had withdrawn the agency's power to probe and their approval......

Cong questions delay in FIR against ABG Shipyard in duping 28 banks

 The Congress on Sunday accused those sitting in the highest echelons of power in the Narendra Modi government of complicity, collusion and connivance in what it described as "India's biggest bank......

Navy cancels Reliance Naval's Rs 2,500-cr NOPV contract

 The Indian Navy has cancelled Reliance Naval and Engineering Ltd's (RNEL) Rs 2,500-crore naval offshore patrol vessels (NPOVs) contract, owing to delay in delivery of the vessels, according to......

India Ratings downgrades ABG Shipyard

 India Ratings and Research has downgraded ABG Shipyard from 'IND A-' to 'IND BBB', citing reasons such as delays in order execution and bond issue.The company, however, remains positive and has......

Why Bank Frauds Continue

 The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months. Illustration: Dominic Xavier/Rediff.com......

ABG's auditor failed to red-flag fund diversion

 The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange......

Who Will Admit To Committing Fraud?

 Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money.Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.......

Mehul Choksi's firm, others owe Rs 37,020 crore to PNB

 All these companies were provided loans by PNB as part of consortium lending. Winsome Diamond & Jewellery, Gitanjali Gems and ABG Shipyard are among the big wilful defaulters who together owe more......

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