Business
ABGSL loan-fraud: LIC grazed; ICICI, IDBI worst-hit in Rs 22,842 cr scam

The sensational Rs 22,842 crore mega loan fraud allegedly perpetrated by the Gujarat-based ABG Shipyard Ltd (ABGSL) did not spare the IPO-bound Life Insurance Corporation of India (LIC) while the ICICI Bank and the IDBI Bank took the worst-hit among other government, private, foreign banks, NBFCs, as per official data.
The State Bank of India (SBI) which first reported the scam, has named ABG Shipyard Ltd, the corporate guarantor ABG Shipyard International Pvt Ltd, the company’s Chairman-cum-Managing Director Rishi Kamlesh Agarwal, Executive Director Santhanam Muthaswamy, Directors Sushil Kumar Agarwal, Ashwini Kumar (all from Mumbai), Ravi Vimal Nevetia (Pune), besides unknown persons and public servants.
However, the private ICICI Bank has been duped of a staggering Rs 7,089 crore – the highest – followed by the IDBI Bank Ltd, ranking second with the fraud amount of Rs 3,639 crore.
At the third position is the SBI which has admitted its exposure to the tune of Rs 2,925 crore.
The giant IPO bound LIC has also been scraped by Rs 136 crore – with the sole consolation being the entire amount is said to be ‘secured’.
The other notables defrauded are: Bank of Baroda (Rs 1,614-crore), EXIM Bank (Rs 1,327 crore), Punjab National Bank (Rs 1,244 crore), Indian Overseas Bank (Rs 1,228 crore).
There’s the international lender, Standard Chartered Bank (Rs 743 crore), Bank of India (Rs 719 crore), the erstwhile Oriental Bank of Commerce, now PNB (Rs 714 crore), SBI-Singapore (Rs 458 crore), the former Syndicate Bank, now Canara Bank (Rs 408 crore), the then Dena Bank, now Bank of Baroda (Rs 406 crore), and the defunct Andhra Bank, now Union Bank of India (Rs 350 crore).
There are entities like: IFCI Ltd (Rs 300 crore), SICOM Ltd(Rs 260 crore), Phoenix ARC Pvt Ltd (Rs 141 crore), State Bank of Mauritius – SBM Bank Ltd (Rs 125 crore), DCB Bank Ltd (Rs 106-crore).
In the sub Rs 100 crore group are: Punjab National Bank International Ltd (Rs 97 crore), Laxmi Vilas Bank Ltd (Rs 61 crore), Indian Bank Singapore (Rs 43 crore), Canara Bank (Rs 40 crore), Central Bank of India (Rs 39 crore), Punjab & Sind Bank (Rs 37 crore), and YES Bank (Rs 2 crore).
Highlighting the scam, the SBI, has pointed accusing fingers at the ABGSL and its top brass for committing the ‘criminal activities,’ but has given a clean chit to its own staff.
In the first complaint to the CBI way back on Aug 25, 2020, the SBI had stated: “The accused (ABGSL & its officials) colluded together in committing the criminal activities. However, the involvement of unknown persons and public servants may also be examined during investigations.”
It added: “The (SBI) Bank is not suspecting the involvement of its staff in the fraud perpetrated by the accused persons. The bank is not suspecting any common conspirator.”
To the CBI’s query on this aspect, the SBI said the Competent Authority had dealt with and closed the matter of ‘staff accountability’ in November 2018.
A Forensic Audit report (of Jan 18, 2019) for the period April 2012-July 2017) revealed how the ABGSL accused “colluded together and committed illegal activities, including diversion of funds, misappropriation, criminal breach of trust and for purposes other than for which the funds are released by the Bank.”
After around 20 months, the SBI lodged the complaint with the CBI, New Delhi, and the latter took cognisance 18 months later to file the FIR on February 7, 2022 – or, over three years after the SBI’s Forensic Audit first red-flagged the ABGSL mega-scam.
Business
US to send out tariff rate letters to countries starting next week

Washington, June 28: US President Donald Trump has said his administration will send letters to countries “over the next week and a half or so” to tell them about their tariff rates, while noting that his pause on “reciprocal” tariffs could be extended or shortened.
Trump made the remarks as South Korea and other countries have been seeking to strike a trade deal with the United States to avoid or minimise the impact of the reciprocal tariffs, with his pause on the new tariffs scheduled to end on July 8, media reports.
“So at a certain point over the next week and a half or so, or maybe before, we’re going to send out a letter. We talked to many of the countries,” Trump told a press briefing. “So we’re just going to tell them what they have to pay to do business in the United States.
Asked whether the pause on the tariffs can be extended, the president said, “We can do whatever we want.”
“We could extend it. We could make it shorter,” he said. “I would like to make it shorter. I’d like to just send letters out to everybody, (saying) ‘Congratulations. You are paying 25 percent.'”
Earlier in the day, Treasury Secretary Scott Bessent told Fox Business that the Trump administration could wrap up its trade talks with countries by Labor Day on Sept.1, as he reiterated that trading partners are approaching it with “very good” deals.
Noting that there are 18 “important” trading partners, Bessent pointed out that Washington has struck a deal with Britain and reached an accommodation with China.
“So if we can ink 10 or 12 of the important 18 — there are another important 20 relationships — then I think we could have trade wrapped up by Labor Day,” the secretary said.
On April 2, Trump announced reciprocal tariffs, including 25 percent duties on South Korea. Intended to match what other countries impose on U.S. goods, the new tariffs took effect on April 9, but the president paused them for 90 days that same day to allow for negotiations.
South Korea and other countries have been hoping to reach a trade deal with the U.S. before the temporary suspension of the reciprocal tariffs ends on July 8.
Business
Centre issues revised guidelines for waste-to-energy projects

New Delhi, June 28: The Centre on Saturday said it has released revised guidelines for the waste-to-energy programme under the National Bioenergy Programme., which aims to foster a more efficient, transparent, and performance-oriented ecosystem for bio-waste to energy deployment in India.
By simplifying procedures, expediting financial assistance, and aligning support with plant performance, the updated guidelines are designed to significantly enhance the ease of doing business for private as well as public sector, said the Ministry of New and Renewable Energy (MNRE).
Under the new framework, the ministry has simplified several processes, such as cutting down on paperwork and easing approval requirements, which will enable the industry especially MSMEs to enhance their production of CBG, Biogas and Power.
These changes align well with improvement of waste management including stubble, industrial waste, and India’s broader goal of reaching net-zero emissions by 2070.
A key highlight of the revised guidelines is the improved system for releasing Central Financial Assistance (CFA).
“Considering the challenges faced by the developers to achieve 80 per cent generation, flexible provisions have been made in the scheme for release of CFA based on plant performance,” said a ministry statement.
Previously, companies had to wait until the entire Waste-to-Energy project attains 80 per cent generation to receive support.
Moreover, as per the revised guidelines, there is a provision to release the CFA in two stages. Based on performance of the projects, 50 per cent of total CFA will be released after obtaining the consent to Operate certificate from State Pollution Control Board, against the bank guarantee, while the balance CFA would be released after achieving the 80 per cent of the rated capacity or the maximum CFA eligible capacity, whichever is lesser.
“In notably, even if a plant does not achieve 80 per cent generation for above both conditions during performance inspection, provision is made for pro-rata based disbursement based on the percentage output. However, no CFA will be given if the PLF is less than 50 per cent,” according to the government.
This change acknowledges real-world challenges and supports developers by offering financial flexibility and viability during operations.
The revision introduced provides the flexibility to the project developers in claiming CFA either within 18 months from the date of commissioning, or from the date of In-principle approval of CFA, whichever is later.
International
Trump says US to terminate all trade talks with Canada

New York, June 28: US President Donald Trump announced that the United States would terminate all trade talks with Canada due to Canada’s digital services tax on US tech companies.
Canada has just announced that they are putting a digital services tax on American technology companies, which is a direct and blatant attack on the United States, said Trump in a post on social media.
“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,” said Trump.
The United States would inform Canada the US tariffs that apply to Canadian businesses within the next seven days, according to Trump.
Canada is copying the European Union in introducing digital services tax, noted Trump.
The United States is scrambling to wind up trade talks with a large number of trading partners as the self-imposed deadline of July 9 is approaching, media reported.
However, White House Press Secretary Karoline Leavitt on Thursday said Trump could extend the deadline.
Earlier in may 2025, Canadian Prime Minister Mark Carney said that he had wide-ranging and constructive discussions with US President Donald Trump in the White House, although the two leaders disagreed on tariffs lifting and the “51st state,” according to the live broadcast of CBC News.
Carney said he told Trump it’s “not useful” to repeat the 51st state idea, adding that Trump is the president who is going to say whatever he wants.
“He understands that we are having a negotiation between sovereign nations,” said Carney.
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