Exclusive: After CBI and ED, Corporate Affairs ministry likely to probe ABG Shipyard Scam; may handover case to SFIO

India's biggest banking fraud related to ABG Shipyard will now be probed by the Ministry of Corporate Affairs (MCA) as well, Zee Business' Tarun Sharma reports.

The MCA is likely to hand over the investigation to Serious Fraud Investigation Office or SFIO. The government is already mulling over this and the decision is likely to be taken soon, Sharma said.

SFIO works under the aegis of the corporate affairs ministry. 

Being dubbed as India’s biggest bank fraud where ABG Shipyard created a web of transactions to cheat a consortium of 28 banks of approximately Rs 22,000 crores between 2012 and 2017, has come to light only now. 

Sharma said that SFIO would investigate the case through the Company’s Act from an angle of siphoning of money.

Sources have told Zee Business that at least 90 shell companies were created to siphone-off the money. Part of this amount has also sent overseas in countries like Singapore and tax havens.  

India's premier investigating agencies Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are already investigating the ABG Shipyard scam case. 

They have also issued a lookout circular on the promoters of the ABG Shipyard companies, Sharma added.

For more details, Watch Full Video Here:-

ABG शिपयार्ड ने ₹22,892 Cr का घोटाला किया

इस खबर पर पूरी जानकारी दे रहे हैं तरुण शर्मा

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— Zee Business (@ZeeBusiness) February 16, 2022