Country's biggest banking scam: Rs 22,842 crore company auctioned for free

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Ahmedabad. 22 September 2022, Thursday

The Central Bureau of Investigation (CBI) on Wednesday arrested ABG Shipyard promoter Rishi Agarwal, who has been booked in the biggest banking fraud case in India's corporate history. According to the CBI's complaint, Agarwal obtained a loan of Rs 22,842 crore from banks through his ship manufacturing company, and committed fraud with the loan amount.

On one hand, the CBI has filed a case against this company, which was closed in 2018, four years late in 2022, on the other hand, the auction of some important properties of this liquidated company has also been completed on Wednesday itself. In the auction process of this company, only Rs.659 crores have been yielded, that is, only three rupees have been yielded against the bank loan of Rs.100!

One question is why the auction process did not stop even though the smell of such a big bank scam has been detected earlier, even though the company and its promoters are being prosecuted for defrauding the bank.

Welspun Corp of the Welspun Group, which operates in textiles, pipes and now shipping, has placed the highest bid in the auction for the properties of ABG Shipyard.

The properties that have been auctioned include the company's sheep building yard spread over 165 acres. Apart from this, there is about one and a half lakh tons of scrap metal and other materials for building ships. While the price of steel scrap is running at Rs.150 per kg in the market, the price of only one and a half lakh tons of scrap can be Rs.2300 crore! So it seems that these properties have been sold to Welspun at a ransom price as no one bid even in the auction process. There is a possibility that if this is investigated further, if an impartial assessment is done, the banks may get a higher amount of Rs.659 crores.

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