What’s the Rs 22,000Cr ABG Shipyard bank ‘fraud,’ who's involved, how it unfolded & why so late
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- Опубликовано: 10 сен 2024
- #ABGShipyardScam #CutTheClutter
In episode 944 of CutTheClutter, Shekhar Gupta looks at the ABG Shipyard scam which has costed Indian banks, both public and private sector, around ₹22,000 crores and what led to it. What is possibly the largest bank fraud in India, we trace the history of the company, key players, promoters & the CBI inquiry into the same.
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Read 5 years, 28 banks, Rs 23,000 cr debt - how ABG Shipyard pulled off ‘India’s biggest bank fraud’ here: theprint.in/th...
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Shekhar, nobody will build a ship on loan.
How engineering projects work is the contractor (ship builder in this case) will bid and provide a performance bond which is normally 10% of the project value.
This is a liability letter from the banker of the contractor.
The buyer of the ship will have to keep paying every month based on progress till the ship is built.
Finally when the ship is commissioned, the ship builder will get the whole money.
The bond will be returned after the end of the defects liability period, typically one year after handover.
If the party who ordered the ship goes bankrupt, it doesn't mean that the contractor will have a half built ship and no cash.
He would have collected almost all the cost incurred up to that time.
That's very well explained.
Very interesting and informative
That would generally be the case....but this is was related party order and that is a key difference
Should we do clean n honest business like Adani & Ambani? I am just confused.Please guide us.
The moment you said Essar, i understood how deeply rotten this really was. Essar is the embodiment of all things fraudulent and dishonest in business. They have mastered the art of digging new holes to fill old ones and incidents like these are simply the law catching up with them.
ruclips.net/video/8Z3xES0VpC4/видео.html. check on this video for the financial analysis & superb explanation of ABG Shipyards Fraud by CA Srikanth
This is also a failure of the loan underwriting process. Banks have to do their due diligence and have risk mitigation in place. If a debtor is unable to pay the debts, the debtor should go into bankruptcy.
Have been saying this since Mallya days, but it is easier to start a witch hunt for the businessman who's been stereotyped as bloodsucking since the 1980s, courtesy Bollywood. The bank officials will calmly move on to the next fraud.... like since the days of Harshad Mehta, easier to go after him than the PSU banks
Should we do clean n honest business like Adani & Ambani?
Shekhar ji , shipping and shipbuilding are different . Building is about creating assets while shipping is about operations of the assets . ABG was in shipbuilding while Essar was in shipping . L&T is in shipbuilding since 2005 and not in shipping for the last 20 years .
Liked the line Champions of the list....lol
Shekar Sir, thank you a nice article...
In karnataka a IPS officer Ravi D Channanavar has amassed assets worth 2000 Cr..Only one person advocate Jagadish s fighting against corruption...may be you can make a case on this...corruption in civil servants
I have sufficient banking experience and my observations are :-
1) The project financing like this are very risky. Banks need to ensure that promoters are having integrity, higher financial strength looking at risky business, monitor use of funds strictly after sanction, avoid political pressure, if any. Here it is clear that promoters integrity is not that known but integrity of their supporters Ruias was bad and known to mkt. Look at share prices of Ruia Group Companies so this should cautioned banks. Financing only on the basis of orders received is sucidical for banks unless you are satisfied about capacity to execute in time is verified. Funds sabctioned must be used for purpose and any diversion should be questioned immediately and bot after several years are passed. This ship bldg business is extremely risky and there was no need to take such a big risk hastily. See the progress of their work and repayment of previous loans before sanctioning further loans. Just use your commpn sense. All this is signalling corruption at every level and inefficient management. Nation will pay very heavily for such lapses and nothing is likely to happen to promoters and bankers who were reckless in financing.
Should we do clean n honest business like Adani & Ambani?
The need of the hour is to revamp fundamental principles of corporate accountability, loading the Independent directors, internal and external auditors and the compliance officer / CS with enough teeth, incentives and penalty for the job they hold
Updated Conflict of interest laws will go a long way
@@tony-pc4kd Pappu ke chacha Ahmed patel ka right ball tha Rishi Aggarwal. But you will blame modi for even your own indigestion.
@@tony-pc4kd nahi. Woh kaam to tumhara hai.
@@biceps2007 Are ye sab ek hi thali ke chatte batte hai.
Strict accountability and stiff penal measures should be put in place and implemented for all these characters.
Yes SG, UNFORTUNATELY!
Its going to be unfortunate as long as
blue-collar-crime'& 'White-collar-crime
and treated differently.
Blue-collar crime gets the full force from the LAW
White-collar crime gets only some hue & cry for a while but are TOO BIG to jail.
Hey With Lady doing it, it has become Pink Collar 💗crime
shame.
HOW DOES IT MATTER WHEN CBI CAME INTO ACTION. MONEY WAS SLUSHED OUT OF INDIA BY 2013. EVERYONE RECEIVED THEIR CUT. THIS IS EASY TO DO IT WHEN THE RULING PARTY IS LOOTER.
Why waited from 2013 to 2022 ?
@@vannuvilaiti1340 CORRUPT CONGRESSI DEEP STATE STILL EXISTS WITHIN EACH ORGANS OF THE GOVERNMENT. IT IS A 70 YEAR OLD LEGACY. ONE BY ONE EACH BANK ROBBERY IS BEING CLEANSED BY THE PRESENT RULING DISPENSATION. RECENTLY WE HAVE INVISIBLE CONGRESSI YOGI FROM HIMALAY LOOTING SEBI AND NSE. LIST IS ENDLESS.
@@kinamsharma2099 if congress is corrupt then why pavitra modi only buying shopping purchasing congress MLA and MP right from 2014, even Meghalaya congress BJP together ruling. From 2013 to 2022 who stop modi, finance ministry, CBI, ED and RBI to catch the defaulter of 23,000 crores how he purchased assets outside the country, money laundering direct under the nose of modi from 7 years. Can not escape the accountability. Just before election any state CBI ED working hard, in this case SBI inform CBI in 2019 but how slow acting CBI, counter questions and answer took 2 years. Modi should answer the nation with black painted face on republic TV
@@kinamsharma2099 Sharmaji ko acha nahi laga jab Modiji ki baat aati hai, Nehru ko gaaali dekar so jao Sharmaji
😂😂😂😂 hain bhaghwan yahan b congress-bjp. Tum log gulam hi rahoge netao ke
Another champions of inflating order books was Bharti and pipava shipyard. In shipbuilding industry the machinery costs are high which inturn makes the owners greedy of inflating the order value & also the greed with the government subsidies. Another well researched article by Shekarji and his team.
What are the possibilities that
the fraud money siphoned overseas
will land back as
ELECTROL BOND contribution?
I don't think Mr Modi or bjp folks were micro managing this evergreening. Bank folks also like everyone else try to hide their mistakes. So I don't think they would tell this to governments.
They said it,25 years to be developed.
I and my entire family have been running around for 3 weeks now to get housing loans but we haven't got any positive feedback.
We are honest loan paying people and we have so much of difficulty getting one which we really need.
Thanks sir for CTC .....but main problem lies between political parties interfering with banking system..
I work in bank in corporate lending. Great analysis but some Factual clarifications.
1. Recovery doesn't wait for fraud. In every country fraud is cumbersome process - appointment of forensic auditor, analysis of report and action.
2. Classification of corporate accounts as fraud is recent (last 5 years) phenomenon (post RBI circular). It is new and evolving
process. That's why it takes time. As banks are learning this time is progressively coming down.
3. Company was restructured (almost finished) before Modi came to power
Banker's easily blame borrowers when it turns fraud.corporate loans Banker's are hand in glove.Easy to loot the banks as corporate where only executives and boards are involved in sanctions
@@Ashok-ov9sy No
Should we do clean n honest business like Adani & Ambani? I am just confused.Please guide us.
I think in terms of political accountability we need to look at the time when loan was disbursed and whether there was any favouritism in sanctioning process.
Gujarat govt led by Modi in 2007 provided land for the shipyard at half of the actual cost.
wah modiji wah
@@jatinguchiya3209 fake news
Yes
In scams like these, it is difficult to believe that some bankers themselves are not complicit. Harsh laws need to be brought in to punish those accused
Punishing the accused!? Not the culprit but the accused. Ouch dude.
@@Contractor48 I think he meant to say convicted. Of course, only a deranged would suggest legally punishing people on allegations.
@@Ari-ne2yb you from India? Most people there don’t like trail or want to know the entire story. There are sane ones but generally insane ones voices are louder.
Shekhar sir , is government subsidies of 2007 had similar/ different nature with today's PLI schemes for different sectors( like semiconductor chip manufacturing ) ? {Just hope history doesn't repeat itself again}
Instead of bank lending, financial markets specially bond markets is need of hour
NBFC' scams are 10 times larger in magnitude and are much more disastrous in their impact to destabilize the economy at large than do the banks. Take the ex. of ILnFS. Because these are carrying the money from the diff banks, MF's and ofcourse individual investors, so the trickle down effect is very deep. Banks, you can just buy those bad loans and bail them out but with NBFC's it's a whole chain of culprits involved from MF's to foreign investors, shell companies, etc. Their scams run in lakh crores not in thousand crores.
@@saurabhshinde3540 - banks are bad and NBFCs are worse. So then Marwari money lenders perhaps the best bet 😝
@@pichumanisankar2617 co op banks still remain d undisputed kings of scam(unreported).
@@saurabhshinde3540 co op bank,nabard,gramin bank, and different types of bank also
@@jigsaw2281 actually NABARD is a good organisation. It's been instrumental in bringing abt rural empowerment through mobilsing funds over a range of sectors through diff subsidiary organisations.
If bank are giving such a big loan, they should atleast have one officer in their board meeting.
When common man, SME (a cpl or crores) goes belly up they get RR (because they get loans against actual stuff).. When its big businesses account looks bad (instead of enquiry) they get CDR. And more loans. brilliant!
Of course big business are more complex, more stake involved.. if they are successful.. politicians take credit.. if they fail, everyone is to blame. It is the process which needed to to be more transparent…which banks can do but there is internal corruption also
Sad to know that these sort of issues of concern attract least coverage on media. Thank you SG Sir for the coverage of these scams in CTC.
All godi media, Modi media will hide all these financial fraud because all are close to BJP and RSS.
@@cpselvam1 abbey pagal hai kya. Buddhi brasht hone ki wajah se lagta hai har jagah bhajpa hi blame karne ko milta hai tumhe. If you would have watched the full video you not be saying all this. First of all all these conglomerates had been involved in fraud since 2012 itself. And the Bank particularly SBi took a lot of time around three yrs due to due process. Ismein gadhe koi party kahan se agaayi?? XD XD.
Doosri baat toh yeh ki yeh banks ki zyada galti hai aire gaire companies ko loan de deti hai bina zyada check kare and also these fraudsters like ABG and associated companies...
Its only reached CBI in 2021.
Also all media channels covered this in their rrespective news websites but no debate happened @9 bcs they only cover political things where it is one party vs another....
DHang se dekhliyo video and if possible do read the article on print...
As Ila Patnaik mam says, we need a well-functioning bond market for companies to raise money, than using our banks to fund big projects like these. Bonds ensure better accountability.
Hum log debt m bahr ka paisa kyu ni aane dete ..Stocks m aane dete hain
support Medium, small and Micro enterprise. These corporates are looting
Read about ECGLS scheme. Also MSMEs can't compete with big corporations
And let foreign MNCs eat our lunch and dinner. The phone and laptop you use can never be built by small enterprises for an instance. And what about R&D and medicines. It's glamorous to say death to corporations but no one can live without those same corporations.
@@Indian-cv6hq for other things msme can help us
Can we have half a CTC on Wriddhiman Saha's tweet, sports Journalism & BCCI nexus?
I am a regular cut the clutter and with this video you really had cut the clutter for me after viewing others on this topic .
You had given the background of the company .
As the gentleman is facing CBI seems he is a good businessman with bad spell.
Ur logic is a joke.
It's not for nothing he created shady companies to complicating financial transactions.
Government never punishes banks .....I think that's where we lack !
When a foreign ship owner takes a loan from a bank to pay the installments for the ship under construction, his banker takes upon himself the tasks of monitoring the construction. He needs to be sure that the advances made by him are spent in shipbuilding and that the money is in safe hands. He sends his representative periodically to the shipyard to monitor the progress. In case of default by shipyard, the ship owner has the right to recover the money through the bank guarantees provided by shipyard for each instalment along with some interest. In this way the foreign banker ensures that the funds are safe.
I am sure Indian banks also have such safeguards. But they do not appear to follow any such safe practices. Otherwise such frauds would have been prevented or revealed years ago.
Clearly, our bankers need to be blamed. Government should initiate another CBI inquiry against the banks which have lost their funds. Either improve their practices or at least privatize the PSU banks. Responsibility also rests with RBI for proper governance.
Corruption is big issue in India because of this Rich people become more Rich . and poor peoples become more poor.majority fraud Indian peoples live in USA , UK after fraud . Indian govt. Have need to take strong action against these anti- Indian peoples .
Shekar Gupta is a good 'narrator'. His delivery is simple and free flowing. Coming to the subject matter.. ESSAR shipping, ESSAR steel are two companies that went down a hole. The interesting link between MAMAs and nephew conveys a lot! It is an interesting happening that all the companies went down.
Project financing is a risky process. There are various types within this process. For example, the seeker of finance , may provide 'milestones' based on which, they would seek drawdown of funds. The possibility here is, milestones may be 'worked around' and funds drawn-down disproportionately. Vendors in such businesses are many and the possibility of 'round tripping' of money, enabling them to flow back into the promoters, is possible. Inflated invoicing provides another avenue of 'siphoning'. The inflation of the 'order book' of the group is yet another method of approaching financiers for funds.. the narrative can go on..
A sensible requirement that lenders may go for is, 'real-time' auditing, meaning, every time the borrower seeks a drawdown, the external auditor (appointed by a financing institution) must validate the request. Such an intervention will not only bring some control, it will also ensure accountability of the lender...
Rich take advantage of the system while poor are exploited by the system 🙃.
Shekhar lets us believe that the lead bank would not know about fund diversion into purchase of equity in a related company. The credits should have come into the ABG account with ICICI Bank from where it was allowed to be diverted. The company must be submitting quarterly/periodic cash flows to ICICI Bank from where it should have detected this.
Of course, as per Shekhar, UPA is not to be blamed (as the account turned NPA in 2013!!) but thankfully, he does not blame Modi!
Prima facie, this appears to be a case of weak supervision and control over lending by ICICI Bank, the lead banker to ABG.
My friend, who controls ICI CI Bank? You should know. Answer: Agarwal's Mamajis! ( A of ABG = Agarwal).
Nice analysis. I would not be surprised if ABG did not have even one genuine order. I smell the strong possibility of ABG cooking their order books using shell companies.
Cooking books since beginning.
Intention seems to be bad since the very beginning.
Thanks Shekharji for decluttering this.
Normal customer : I miss my loan payment
Bank : Pay us back with fines or we will take your assets
Corporate: I have misused your money for many years
Bank : No problem here take some more 💸
It takes 50 to ascertain a fraud? Nirmala Mami by 2000 cibil rating has come to my sons education loan 2004 -5 of 1.5 lack fully paid by 2007 was rated as negative as the entries paid were given wrong credit . At that time he asked for a car loan was after joining a coke his rating was negative. It took 1 year for the bank to correct but meanwhile the same bank who refused the loan gave car loan in his name. Systems are in place it is supervisory ,efficiency and partial outsourcing is functions to private.It is irony to find e mail I'd of cibil was difficult has to send complaint to ombudsman of RBI since cibil is club of member banks was told to me.
Soothra subbiah she is a Finance Minister of India?. Not a Pappathi working for Tamilnadu Government anyway she wont get. Have decency, Keep your maami comments in dravidian paid medias.
@@sundaracholan2225Mami is not word of low taste but papathi is so. We call maternal paternal aunts as Mami in Trichy and Tirunelveli. You can be not polite to public but at least FM of India.I am proud to be daravidian.
Now this Un-Hyphenated journalism...! ⭐⭐
Gujarat model at its best!
Ambani-Adani and now Agarwal?
Rishi Agarwal was quite democratic in spreading risk 😂😂😂😂
A true nehruvian🤣
Auditors are paid handsomely but they fail to do the one job they’re supposed to do
I wouldn't say that in this case. How do you audit a ship building project that takes several years to build? Think about it for a moment.
Auditors can be bribed. Ever thought about that. It happens more frequently than one would think. Not only in india but everywhere including the USA
@@libshastra keels hadn't been laid. Your roadside chaiwala knows that if in a 4year contract, keels hadn't been laid for 3 years, something is amiss. Don't try to brushoff corruption as incompetence.
Coz they r paid in more handsome amounts from the other side too.
These kind of content are helpful for upsc.Diverse information and outstanding narration makes it more useful than boring theoritical syllabus based tutorials.Thank you! sir, made some good notes from your content😂
Does anyone else wait for his show before going to sleep?
I do, as also my brother who introduced me.
As it late sometimes I doze.
Most the viewers actually. Its always pleasant to listen to him before sleeping.
I doze off with the buds still plugged into ears only to wake up mid night and plug them out as it has already autoplayed several other videos till then.
No way.... I look at the title & typically skip Indian topics as he is utterly biased
To an extent You are right. He is biased against PSU Banks. Ever Criticizing and looking towards Privatization and looks forward as if all improvements are possible in this manner. Without realizing contributions of PSU Banks.
Sir please in a future episode talk about how poor Wriddiman Saha is being treated by a journalist.
What happened to him?
There is something I have observed and that is one bank in India that usually doesn't get stuck in all these shady scams is usually HDFC bank and no wonder they are always the no 1 bank of the country and have the highest market cap among all the banks. Moral of the lesson for all the other banks and especially our national banks that always wannabe another sbi is to be like hdfc bank 😂😂😂.
APART FROM HOUSING LAONS AND CAR LOANS HDFC DOESNOT MAKE ANY ADVANCES!
@@josefrancis7126 Their name literally is " Housing Development Finance Corporation"... what else do you expect them to do other than giving housing loans? 😂😂
Sir you are amazing. The way you explain comprehensively is just too good. It helps understand issues to core. Thank you
we have seen so many frauds in the past couple of years but in almost all cases the owners, auditors were never punished neither did the banks every get back the money.
Hi Shekar thanks for enlightening us on this issue. Every timei watch your analysis I take away some learning. Which is what good journalism is all about and not biased Journalism. These type of issues have to be stopped at the beginning and any company that takes loan and involves public banks or government monies should be made online at the time of borrowing. Also in case such things happen then the CA 's involved with the company should also be heavily punished to instill fear.
Do keep writing in, Raj.
Babu Bhaiya - "Bus 22000 crore, kya chor banega re tu" 😂
Time line of the whole case is important. The scam took place between 2005-2012.
Tailpiece: The time line of the fraud should be spelt out upfront. The loans became NPA in 2013.
😁😆😂🤣
What's the use to discuss the scams. What is the net result.. Scam after Scam. Case after Case.. No remedy. Only Malady to hear this.
Watching from uk . Loving the host of this channel
You remind me of Mahatma Gandhi keep the good work mate
Dhanyavad Ji 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
Sir ji, Explanation was much in detail, liked it.Good Reporting, what i can say is Indian Banks are Casino's for indian public who face the burn and a safe home for Business Men and Politicians who manage to escape any punishments.
Sir, There are many peanut criminals who are punished for petty crimes compared thousands of crores what we here now and daily
Court rooms, lawyers, police services and the time and efforts spent to show its importance is a drama in front of these sky high criminals of the system.
True
Why bank officials colluded in the fraud are not penalised?
Sir
Fine.But pl talk about Fodder scam and how politician-beaructacy unholy nexus looted public money..with court convicting former CM..in 5 out of 5 cases.What a shame that despite conviction Lallu brags about being framed and how freely roams about on bail.Is not conviction in not one case but 5 cases enough to cancel bail and throw him in jail.What is Judiciary doing..
This is a clear case of hand in gloves with Bankers and company . Surprisingly no one is blaming banks for their failure to do proper due diligence and lending such huge amount. Without accomplice from Banks such size of fraud is not possible.
Script for the next episode of bad boy billionaires...
Very beautiful way to support fraud by an intelligent way and save group from. defamation.
RBI SLEEPING ON ISSUE OF SAFETEY MEASURES
And government snoring
thanks for sharing and decoding such high profile news so simple to the listeners. This is my 2nd video i watched since yesterday and immediately I subscribed. Lot of points to take from your videos. thanks for doing this.
Clearly somebody has sat on the problem and helped the crooked borrower. When Chacha places order on Bhatija, shouldn't the banks raise some doubts? Shows total lack of commonsense, or deliberate complicity. UPA or NDA, everything goes on as usual. It is our money, the depositors' money. Even after declarng the account as NPA in 2013, why no steps were taken to recover? From 2016, India has Insolvency and Bankruptcy Code, which makes the process faster.
Who said the account was NPA in 2013, it was NPA is 2016, feku and motu is pattaoing people like you
Therefore we need the block chain technology.
What is" Make In India"? It is opening a company or opening a loan account?
Well said.
very interesting tidbits shekharji, 2007 as it is was the peak of India in many ways and many businesses and business people got carried away into borrowing and expanding more.. shipping is not the only example.. think about Anil Ambani featuring in the top 10 richest people on the planet along 3 other Indians, Mukesh Ambani, Dlfs Singh and Laxmi Mittal.. many shares like suzlon, unitech, Adag group shares never came back..
नमस्ते गुप्ता साहेब, सुविधा की पत्रकारिता के साथ कभी जो समाज में कट्टरता के कारण जो हत्या हत्या एवम डर का माहौल एक समुदाय ने बना रखा है उस पर भी एकाध cut the clutter बना सकते हैं या वो पत्रकारिता का हिस्सा नहीं है। 🙏
Why we cannot have IDR(INDIVIDUAL DEBT RESTRUCTURING)
Sir, you explain things in such a beautiful and crisp manner.. please keep it up
NO Indian made jackup rig is actually drilling anywhere in the world. Hindustan Shipyard did build the drill ship Sagar Bhushan, for ONGC but that was a copy of the Japanese built Sagar Vijay and the Japanese experts from Hitachi Zosen helped HSY to a huge extent. The first thing the bankers should have inquired is whether ABG shipyards actually had the technical expertise to build Jackup rigs ( they may be old technology , but
assuredly more arduous than manufacturing tooth pastes). No one did that probably because none of the bankers realized what it takes ..
Something so shady about Gujarat - even here its Surat. The biggest looters/ frauds almost always seem to have a gujju connection.
Because most of the industrialists are Gujarati's. No other culture in India promotes business as much as that community. Let me guess you are a keralite. Who is a commie
What were the so called greats like Raghuram Rajan and Chidu doing..??
Ask Nirmalajiwhat happend during last 8 years raoji, or blame Nehru and Bapu, your namesake was also corrupt
Finally I got some real explanation of the issue...others are just milking it 👏
When I hear/ read about our banks,it is a shiver down the spine. Banks have become a wish well for many. The risks of orders getting cancelled/postponed can be tackled by putting order against bank gurrantee to the manufacturing party. If there are no good bank gurrantee, then the order book is false. Gupta
Apparently everyone online seems to rhyme this story. However, the corporate world doesn't work that way. Engineering projects are paid by explicitly defined project milestones at the time of bidding. That means, even if the orders are cancelled there is a component that is always paid for the amount of work done. Otherwise, the work would stop immediately.
It keeps the losses to a minimum.
Such unreal losses and an underlying scam are totally a result of extreme corporate negligence and corruption. I wouldn't be surprised if the conclusions of the investigation were framed to hide a more shocking set of realities involving a lot of ministers.
Love this show sir!
Dear Guptaji,Can you please have commentary on current status and Politics in Indian sport journalism. Reference:-Wriddhiman Saha being threatened for Interview by so called “Respected Journalist “. Would really love to hear your thoughts and insights over the same…
Gujarathi business men take lot of risks , generally. Bank bosses trust them and advance loans liberally. Greed and collusion end in such disasters. Bank bosses and Industrialists make lot of money in the bargain and tax payer has to absorb all the losses. Everybody will have fun.
The story will continue
The culprit of this fraud is a Marwari, not a Gujarati.
For a fair picture, it is desirable to mention security covered against loans.
All gujjus of the world unite to defend feku and motu
You haven’t mentioned anything about land given free to ABG Shipyard by Government of Gujarat then headed by Modi when he was chief minister.Were any of this land mortgaged for acquiring loans.On what grounds was ABG shipyard given this land.Was it cause ABG contributed to party funds of Modi.
When a barber wanted a loan of Rs5000, he was asked to pledge his land. Rs3000crores can be lent ABG on showing an order book? How this this is biggest fraud . Rs84000 crores due from Bhushan and Rs90000 crores due by videocon are only NPAs, no fraud or misappropriation. Without conniving polititians such frauds unlikely to happen. What happens personal guarantees of directors/ promoters. No action?
Thanks SG for having this. Was eagerly waiting for this. GuptaJi you are truly the loveable know-all Indian uncle, whom one can hear forever
Heavy industries ministry should make businesses feasible they can't have so many companies going under.
Privatise all government banks. Even public sector ones like SBI. Enough is enough
Better than that the Rules have to be more strict to book culprits. A slight parallel, has crime against Women reduced after Lodging FIRs. Post Dec 2012 NO , Only reputation of Nation has taken beating.
Required have proper Laws in place and implement them.
I don't understand what our glorious bankers were doing all this while? And just WHAT the hell did he do with all this money?
As usual here too we are interested to do postmortem. Why the Banks are not interested in checking in their current financing of big corporates ? I mean corporates like *Adani group*. If any company having exponentially higher growth than usual economic scenario then financial institutions should take extra precautions before doing funding to avoid this type of financial tragedy. Which was not happen before, now also not happening.
So much incompetence and corruption in the banking sector
Very informative episode. I was pretty much in the dark about this development, so thanks for explaining it here
😎👍🏻
It's still dark and would remain in dark forever. Meanwhile stories would float around and eventually would recede into oblivion forever.
There is longer not so protective episode by Ravish. Truth is always in between all these
ruclips.net/video/8Z3xES0VpC4/видео.html. check on this video for the financial analysis & superb explanation of ABG Shipyards Fraud by CA Srikanth
Well explanation of facts to UNDERSTAND COMMON CITIZENS. In PRESENT SCENARIO THE TIME TAKES AWAY THE CHARM OF INVESTIGATION,IF COMPLAINT TAKE ALMOST 5 YEARS TO LODGE..NEGATIVITY & INNER UNDUE INTEREST BY OFFICIALS ALSO COUNTS...
Such facts goes on and on. One after the other.
MSME guy : Sir, Loan chahiye tha...20 lac
Banks : Aukaad kyaa hain theri...loan chahiye.. bhaag..bhaag
MSME: Sir, I have patent and I have made superior quality product that our country imports🥲
Banks : Security... Security....Bhago isse
Billionaire : I need 20000 cr 🤑
Banks : Open the vault....🥰Sir Aur chahiye tho bathana....
Billionaire : It is a very risky project and we don't have collateral.
Banks : No problem Sir...he ..he..he..😁
Billionaire goes to UK
News wala : Banking fraud .. akhir galthi kiski?
Govt and Babu : Opposition ki galthi
ED : Jamaica ka Flight book karo ... hum bas pakadnay hi wale hain...
Depositors: Where is my money 💰😭
Political parties and media : Secularism aur Culture ki baath karo... Kyaa Bhains ko GoMaatha ki tharah security aur pension milna chahiye?
Most Indians playing game of ....'catch me if you can' like Hollywood movie.
Acche din for shady people at the cost of common citizens who lose their deposits in banks.
Chanda KOchhar was executive director and the managing director. Hope CBI/ED probes her linkage.
In 50s there was a saying, aMarwari who did not go bankrupt at least thrise can't get his daughter married. Dalmias were one example. We are back to the good old days.
Democratizing the debts or risks among the banks 🤣🤣🤣
Wonder which government is ruling now...and wonder where a certain anna hazare is...
Distinguish biz personalities are the ones, who are capable to swindle public funds, in the corporate sectors. Why the relevant authorities securanites it, at an earlier stages, to halt further damages ?
Very well explained sir..
Purdue be representing!! Let’s go!
Whatever said and done,honesty is not seen in orders or execution or even the explanation of print.we think - cannot be the business ordeal and 28 banks and none to see the danger- corporate debt restructuring- all similar gujarathi bank scams involving all possible banks. Looting.,none to foresee.shame
Good analysis thanks
Doubt whether bank managers are even trained to do a proper due diligence on shipping projects. The kind of money sums which have been disbursed makes on wonder if bank managers know how to assess project finance. All one to do is take these fellows for a grand lunch and he will provide you whatever number you write in for a loan