India's Biggest Bank Fraud || ABG Shipyard Scam Explained
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
- India's biggest bank fraud case has come recently.
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The Gujrat based ABG shipyard company was booked by the Central Bureau of Investigation (CBI) for frauding 28 banks. This ABG Shipyard scam accounts for more than Rs 23,000 crore of fraud. Further, Mr Prasad will be explaining the details of the ABG Shipyard scam from the background of its promoter to how banks couldn't catch them.
Time Chapters
0:00 - Intro
00:35 - How did this scam execute?
01:25 - The Main Story
04:13 - Make Money Through Bank
04:58 - How did transaction happen?
05:43 - Loan Default
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No one gets such kind of loans unless they have close relations with politicians and its a clear cut case of this....
And We all knw which government was at center during 2003-2009 when loans where allotted 👀
@@parasbellani2851 yes
@@parasbellani2851 and we all now know what is gujrat model😂😂
@@parasbellani2851 and we all know 10 months ke gap mein kya kya hua or nirav modi, modi ne kya kia
@@parasbellani2851 It's a Gujrat Model
All Fraudsters are from Gujrat 💯
Kisne Scammer ka naaam nahi lia.? company is purely driven by people..
Banking scam happens
Le SBI:- pata nahi Aise mamlon mein main apne aap kaise age aa jaata hoon🤣🤣
Because it's biggest bank.... every other loan is taken from it.....so it's quite obvious
Their are 128 govt projects delayed since last 6 years .
Which costs upto 5 lakh to 6 lakh cr of interest .
Yeh bhi ek scam hi hai.
Courtesy - RTI.
yep,bullet train project is delayed by 6 years in maharashtra.
Thanks to so called foreign funded NGOS and sarkari babu's
@@pruthvi7798 15lkh into AC, Smart cities, bullet train, PM care, Pegasus..all are scam too fyi..
@@pruthvi7798 Bullet train is central gov project and 80% stations are in gujarat so bullet is not benefitial for Maharashtra so we marathi are not interested in bullet train
@@kumarjagtap1885 bro i am not here to fight centre vs state , i see dead project everyday
reason behind it is that gov of maha is unable to grab land even japan company has criticed maharashtra for it.
Even private banks are giving fraudulent loans justdue to some contacts etc. Destroying public money.
*That's why I prefer HDFC and Axis Bank , only this two bank name is not there in the list .They don't give loans to anyone without tracking their progress in business*
Not axis bank it's sales tactics are worse in banking industry. kotak bank is comparative to hdfc
Kotak Mahindra Bank?
Axis Bank gives 2 crore lons to ABG shipyard
You can't say what will change when !
@@pokinewspropaganda977 All banks do sales following many techniques...It's the part of their job...Else banks won't run in profit...Axis is still more ethical than ICICI and SBI in its sales practice...ICICI and SBI sales endowment money back plans in the name of FD....You will not get everything perfect from all banks...Axis is the first private bank in India..And it has a very strong asset management company in its portfolio..LIC was it's promoters ...Even now LIC has around 10% stake in Axis bank...Axis is now quickly adopting block chain technology....And fintechs to make digital platforms more User friendly ...Keep 3-4 banks in your portfolio...1 strong PSU and 3 private sector banks
People always remember..it never happened unless it gets caught.I am sure we are going to witness something even more infamous and which is currently happening as we breath ,but I hope it never does.
I am a Naval Architect working at a shipyard currently and I happen to work with several people who worked at ABG until 2016. Almost all of them did not get a year's salary while still in employment of ABG. They thought that a big shipyard like that would never close but alas... it did. They had completed a bulk carrier which was ready for launch but that never happened. Imagine a 185m steel structure with all equipment fitted worth easily about 100cr now just sitting as scrap for years.
The scam not only deprived banks of their money but also people of their livelihood and India of a world class shipbuilding unit. Such a shame.
Before forensic audit by EY, what statutory Auditor was doing when co started routing funds?
He definitely could have discovered it & express qualified opinion in respect of utilisation of money borrowed.
So not only bank officials but company's Auditor is definitely involved in this.
GAAR provision introduce in income tax Act by Late Shri Arun Jaitley sir in 2017 is strong deterrent for such companies adopting tax heaven route.
Thanks.
@@jhansirani5281 for what?
@@jatin1002 thanks
Frauds and that too by the top management are not easy to be detected in audits, Audit has its own limitations incase you are well aware about audits, it's called inherent limitations. Provided the auditors have performed there work in due diligence they can't be hold accountable.
@@aliakhtar_0807 Agreed that there are inherent limitations of Audit which restricts the auditor's ability to obtain sufficient & appropriate audit evidence and nor auditor is required to approach his work with suspicious or pre-conceived notion that there is something wrong unless some information has reached which excites suspicion or ought to excite suspicion in a professional man of reasonable competence. Using the Money borrowed other than for the purpose for which it's obtained is nothing but diversion of funds and clearly evident from Bank Statements. In the circumstances where he was not provided with evidence or management restricted the scope of audit in any way, Auditor should've given disclaimer of opinion which would atleast enable the users of financial statements to take action against the fraudulent management of the company.
Thank you this new learning sir , तुमच्या मुळे माला खूप नवीन शिकायला भेटल .
Outstanding content, fabulous presentation and explaining.
Keep going 👍
इतना बड़ा स्कैम😱😱😳😳😱😳😱😳😱😳😱😳😱😳😱😳😱😳,nicee वीडियो प्रसाद जी🙂🙂👌👌👌🇮🇳🇮🇳🇮🇳🙏🙏🙏
When a common man approaches a bank for a loan, he would be given a list of docs before he avails a loan... But wonder how loans were sanctioned to companies with negative cashflows
Heavy commision is given to bank officials to approve such loans, anyways nothings goes from their pocket its common people money which is being used for personal gains. Who is at loss? common people. For few days people will talk about it and then it will be history like Malliya and Neerav
Meva nahi agar seva nahi
Thanks for the case study.. Love u bro 😘
Really Great Info ,Thank You Convey 🤠🤗
i always wonder, how do you know these facts...... This must takes so much reachers.... Amazing man... 👏👏👏
Nice one guys. Very well researched. Please don't be afraid to take names, if you find anything in your research. you've a huge following. Thanks very much to let us know how common public's money in banks is manipulated. @aajtak @zeenews @abp @tv9 should learn from this channel and educate people for betterment of the society.
Prasad, bahot research karta hai bhai. Thanks for info.
Thank you very much for the info. Helped a lot. Keep making such videos through which people can get knowledge about the financial world and cases related to it.❤👍
why isn't media showing this?
Correction.. modia not media
Bgm is awesome like your explanation dude..💯
Crore is a dream of many people to achieve in their lifetime. These scams prove that crore has no value for them..
Someone senior in the Government was involved in advicing banks to extend the loans. You have skipped the most important detail. Where are the promoters today?????
This always happens...even Gadkari keeps extending deadlines of his close aides for highways...
Add some animations man. Really miss those.
Was waiting for this only😍
The starting and intro was too good 😊
Congratulations prasad sir for your youtube channel reaching out soon 2M subscriber. 💐
Saare Scams Frauds Gujrat se hi w related hote hai.
Waiting for your video from 2-3 days Prashad bhaiya...
you have conveyed perfectly !
Very good video series on corporate frauds....make more such videos
Why most of the scams done by gujarati ?
please make video on this topic
Greedy for money.
Business man gujrat se jyada hota hai to 100 me se 1 scammer nikal jata hai
Eagerly waiting for it.🤗
Bade bade loans default hote rahenge banks unko kuch nahi kahenge agar education loan yaa small loans ki emi agar samay se jama nahi hue to pareshan karte h......
Good video.. Are these funds already reported as NPA and provisioned or not?
If not, it will be cheating by banks with investors.
Thank you Bro ♥️🙏
Now middle class should get ready for low rate of interest and restrictions on withdrawal etc.
Everyone should atleast know how to do RTI ?
It's very important in making you a better citizen
Favorite TH-camr, ek number Prasad sir...
Was waiting for your vdo 🙏
Big fan prasad i like the way you explain any thing...
Thank you❤
You have mentioned nothing about owners and company promoters. You mentioned they ran away in your thumbnail but again said nothing about that.
Improvement require. But overall informative.All the best Prasad
Make a case study on sahara india scam one of the biggest companies in past
Prasad Bhai, If a common man took loan and unable to pay even one EMI Bank called and hamulate the individuals. But these corporate not paying any interest and became default but no action on individual.
Convey a fruitful market analysis and report card channel🚀🚀🚀 rise up dears u all are rocking
F********k we middle class people if want to take even 5 lakhs rupees also have to give guarantee and we didn't get loan.Good very good 🤣🤣🤣
Bgm is good but it's making difficult to grasp whatever you are saying...so No bgm is good. 👍🏻 Awesome video ❤️
Well explained
Sir convey simulator open nhi ho rha hai
Now this bank will recover their loan from common people who have deposited their hard earned money in the name of
1. Increasing AMC charges
2. Penalties charges such as bouncing of cheque.
3. Transaction charges through net banking.
4. SMS Charges.
5. Decrease in interest rates.
U nailed it, sirjiee but this is one man's food, is others venom, public are there to washing the dirt on the backside, Today nirmala jie is requested for next 25 years banks will be for public use 😭😭😭🙏😂😂
Please bro we all love your all techniques style of video with animation
What about the Company Compliance offer CS of the company and Statutory auditor and Internal auditor , audit committee and ID.
Thanks ❤️ sir
The whole fraud happened around 2005 to 2010, also, ABG Shipyard accounts were restructured in 2009.
Convey Warriors.. 💪💪
sir great work 👍🏻
Love From Odisha ❤️❤️❤️
Clearly there should be a limit as to how much loan should be given to companies. For ex as in this case if comp hd profits of below 200 crores, negative cash flow frm ops and assets worth some 1000 crores then the amount of loan should be accordingly because afterall its a common ppl money. Secondly round tripping should be penalised for companies already taking loans to recover cost of operations.
Well done Birla ji
Nice presentation bro
Thanks for information
Sir Fundamental Analysis ka video bana do..part 2 ka
make video on which is safe bank for long term
Thanks sir for my requested video🙂🙂
Why media is not showing it
3:35
Coinswitch kuber be like : Party Badal Liya Saala
😂
@1.50 bhai windows to original use kar liya karo
Here banks gives crores of loans without verifying their credit worthiness of the companies and if a farmer fails to pay any installment of their loan then banks take immediate action to seize their tractor, assets etc this is new india
साधरण आदमी बाहर जाना चाहता है तो कितने पापड बेलने पड़ता है... इतने बड़े क्रिमिनल भागते हैं तो कोण हे जो इनकी हेल्प कर्ता है
Dekha bola tha na sarkar mili hui hai corupt logo k saath...
Nice Content Brother 👍
I was waiting for this video since I heard the news, worth it!
Video is good, Thanks for explanation the scam. However, few details are missing who is the scammer, name of the promotors. CEO, CFO of the company.
Bro teach all about Indian trust Money-laundering scam. Going all the way across in Mumbai.
Can u please make similar video on fall of hdil, sarang wadhwan scammer left many people homeless
Banks gives money as loan to Big company so easily but when it comes on common man toh
Abhi launch time hai 😂😂
Quality content 🔥 🔥
Company ke CA & CS walo ko bhi enquiry mein lo since it is very hard to believe that this huge scam is done without the involvement of CA & CS of the company
Miss those animations 🙁
Prashad bhai e-rupee (crypto rupee) k upar ek vedio bana and kya china ki tarah india me b e rupee aane k india me crypto ban ho sakti ....plzzzzz😊😊
2004-2012most scam era....scam ke era me inone bhi hath dho lia rahnge
Unknown hands behind bank scams.
Hii
Mujhe apke piche ka background thik nahi laga
Yekuch jyada hi shiny tha
Apko any types for dark background use karna chahiye
Especially in documentry video me
Thanks
Because video me background bhi bahut matter karta hai
Uti nifty index fund
Uti new nfo jo lunch huwa 25 exp date h uske bare me plz video bnaye esme mane invest kiya h
I have heard that INDIAN BANK has the least number of NPAs and they are very particular about the financials of the companies before disbursement of loans. Please correct me if I am wrong.
Prasad Bhaiya Mai OLX ka sikhar ho chuka hun, please OLX fraud ke upr logo ko update kre🙏
We have some source and they said all over bank most of all banck recovery and some 200 cr and then are pending.. bank already recovered.. hope all recover money because abg shipyard have more land in surat and the prize is more then to 60 to 100 cr per acres..
thank youu
Animated videos achhi hua karti thi, is channel se mai juda hi animated videos ki vajah se tha, usme sb bht asaani se samjh ata tha, animated video content laane ki request krta hu.
I don't prefer putting my money in bank
Whenever I get money I buy assets
Sir please aap tabaco and beer manufacturing company khud ka kaise shuru kare full case study banaye 🥺🙏🙏
Bolo zuba keshri 🤣
your Content is very informative but while watching video advertise was disturbing 😢 you can put advertise at end of the video , you know convey subscribers not leave without watching your advertise. 😉and thank you Prasad for your efforts and keep sharing knowledge with us.😊 ❤
Will work on this. Thanks for the feedback, Avinash
I understand, but that is the requirement from client's side. Placement plays a major role in business.
Fraud came to know in 2019, but still CBI didn't get adequate info till now!
This one is the main point to consider why too much delay in proceding!?
These things aren't as simple as they look, just gathering enough info can take months. Verifying the books for hundreds of entities, in different countries, especially when the books are DESIGNED to confuse and misguide. The scam actually took place between 2007 and 2013, banks have no way of knowing until the long term debts start defaulting, which started in 2013. Then when all the loans failed slowly over years, the obvious course of action is Corporate Loan restructuring, which they violated as well, all this can easily extend up till 2019, then the CBI has to be caught up on everything, that took them around 8-9 months in 2019.
@@akephalos438 But the main point is that are verifications took around 2 years(from jan 19 to feb 22) ?
@@chanchalagarwal2697 that probably no one can explain. Even the election angle doesn't work since elections were over in 2019. The entirety of 2021 and 2022 were wasted it seems.
1% tds charge and 30% profit taxe easko se accha to band he kar detea government i am your big fan convey 🙂
Lic ipo bhaiya... Pr ka video
Daily finovation update kab sa aya ga
Sir your all videos are great
But I request you not to advertise your sponsor between the video plz.
Link toot jati he🤟
Sir 1 Video US stock investment par please
Konsa platform safe ho Skta hai
Uske charges etc
Or jaise hamare yaha SEBI hai safety k liye to agar hum other platform use krte h US stocks k liye or
Agar wo platform bhag jaye to paise safe rahenge ya nahi
Please 🙏🏻