“Loot & Escape” is Modi Govt’s ‘Flagship Scheme’ for Bank Fraudsters!

  • Prof. Gourav Vallabh

Biggest ever bank Fraud of History i.e 22,842 Crores happened under Modi Government. After a 5-year delay and permitting brazen embezzlement of public money, CBI has finally registered an FIR on February 07, 2022, against Gujarat Based ABG Shipyard owned by Rishi Agarwal & others for duping 28 Banks.

Modi Govt. is running a “Loot & Escape” and “Ease of Committing Fraud” as a Flagship Scheme for Bank Fraudsters. The fraudsters’ list include - Nirav Modi i.eChhota Modi, Mehul Choksi, Ami Modi, Neeshal Modi, Lalit Modi, Vijay Mallya, Jatin Mehta, Chetan Sandesara, Nitin Sandesara and many others with close connection and affection to the ruling establishment. Rishi Agarwal & others are the new entrants in the ever greening list of fraudsters.

$5 trillion Economy Vs Rs. 5.35 trillion Bank Frauds in last 7.5 years Year No. of Frauds Amount Involved (Rs. Crores) 2014-15 4,639 19,455 2015-16 4,693 18,698 2016-17 5,076 23,933 2017-18 5,916 41,167 2018-19 6,798 71,534 2019-20 8,703 1,85,468 2020-21 7,363 1,38,422 2021-22 (Upto Sept 2021) 4,071 36,342

TOTAL = Rs. 5,35,019 Crores or Rs. 5.35 Trillion Complicity, Collusion & Connivance of those sitting in the highest echelons of power in the Modi Govt. is writ large in India’s Biggest Fraud : 1. On August 01, 2017, process of liquidation of ABG Shipyard was initiated in NCLT, Ahmedabad, Gujarat against ABG Shipyard for bank default. 2. On February 15, 2018, the Congress party publicly warned about the scam of ABG Shipyard’s Rishi Agarwal. 3. On June 19, 2019, loan and bank accounts of ABG Shipyard were declared as “fraud”. 4. On November 08, 2019, State Bank of India filed a complaint to CBI for registration of FIR against ABG Shipyard’s Rishi Agarwal & others. Despite the apparent fraud and swindling of public money; CBI, SBI & Modi Govt. proceeded to complicate the entire matter in bureaucratic wrangling and file-pushing. This happened for years as the public money went down the drain and fraudsters gained. 5. On August 25, 2020, SBI filed a second complaint to CBI for lodging of FIR against ABG Shipyard’s Rishi Agarwal & others. 6. On February 07, 2022, finally i.e after a delay of 5 years, CBI lodged an FIR against ABG Shipyard’s Rishi Agarwal & others for cheating, fraud and under Prevention of Corruption Act. 7. The intriguing part is that in the complaint dated August 25, 2020 the SBI (and by implication Finance Ministry) has exonerated all the bankers. 8. Another intriguing facet is that ABG Shipyard was allotted 1,21,000 square metres of land in 2007 by Gujarat Govt. headed by the then Chief Minister, Shri Narendra Modi. The CAG indicted the Gujarat Govt. for undue favouring ABG Shipyard & Rishi Agarwal for allotting land at Rs. 700 per square metre, while the price of land was 100% higher i.e Rs. 1,400 per square metre. 9. Another amazing facet is that despite the CAG report, the Gujarat Govt. headed by the then CM, Shri Narendra Modi proceeded to allot 50 hectares of land to ABG Shipyard & Rishi Agarwal in Dahej, Gujarat. The Dahej project was shut down by ABG Shipyard in the year 2015. Questions: - 1. Why is PM and FM Mum on India’s Biggest Banking Fraud of 22,842 Crores? 2. Why Rishi Agarwal, promoter of ABG Shipyard, is not arrested till date? 3. What’s the status of Rishi Agarwal’s Citizenship? 4. Why is RBI data doesn’t reflect the ABG Fraud? Why RBI is behaving as mere spectator without any action? 5. Why did Modi Govt. refuse to take note of public allegations made on 15.2.2018 i.e 4 years ago, by principal opposition party - Indian National Congress, warning of a scam in ABG Shipyard? 6. Why did Modi Govt. not lodge an FIR and take criminal action, despite ABG Shipyard accounts having been declared as “Fraud” on 19.6.2019? Why did Modi Govt. and the CBI not file an FIR against ABG Shipyard at the time of first complaint made by SBI to CBI, 2 years ago i.e. on 8.11.2019? Why did the Finance Ministry, SBI and the CBI kept on pushing files and raising objections for two and a half years between 8.11.2019 to 7.2.2022 i.e. date of first complaint and lodging of FIR, despite the fraud been established vis-à-vis ABG Shipyard? 7. Why did CBI not lodge an FIR for one and a half years, even after the second complaint (25.8.2020) by SBI? Does this not prove Complicity, Collusion & Connivance of those sitting in the highest echelons of power in the Modi Govt?

Based on Press briefing on February, 2022