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India's biggest bank fraud case: How ABG Shipyard steered the scam ship to divert funds

By Economic Times - 10 months ago
ABG Shipyard Ltd, accused in India's biggest bank fraud case, created 27 "paper companies" and used 38 Singapore-based group entities to divert funds borrowed from ICICI Bank-led lenders. The Enforcement Directorate's chargesheet reveals that the diverted funds were transferred to Singapore and invested in tax havens. The paper companies were created solely for the purpose of facilitating circular transactions.

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