Lookout circulars have been issued against the directors of ABG Shipyard in a nearly 23,000 crore alleged bank fraud case. A CBI official informed of the development on Tuesday. 

Meanwhile, the Congress on Friday stepped up its attack on the BJP government asking why the prime minister and the finance minister were silent on the big banking fraud of Rs 22,842 crore by ABG Shipyard.

Finance Minister Nirmala Sitharaman on Monday said the ABG Shipyard account turned NPA during the erstwhile UPA regime and the banks took lesser than normal time to detect the fraud perpetrated by the shipping firm.

The minister said normally banks take 52-56 months of time to detect such cases and initiate follow-up actions.

The Central Bureau of Investigation (CBI) recently booked ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of two dozen lenders led by ICICI Bank.

ABG Shipyard fraud is much higher than the one perpetrated by Nirav Modi and his uncle Mehul Choksi, who allegedly cheated the Punjab National Bank (PNB) of around Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

Also Read: ABG Shipyard bank fraud: SBI claims there was no delay in the filing of case

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