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Monday,02-February-2026
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Loan Fraud: Cong accuses Modi govt of complicity, collusion & connivance

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The Congress on Monday accused the Narendra Modi-led Central government of ‘complicity, collusion and connivance’ by those sitting in the highest echelons of power in what it called ‘India’s biggest fraud’.

Addressing a press conference here, Congress leader Gaurav Vallabh said, “‘Shahenshah’s’ promise was $5 trillion economy, but he gave us bank fraud of Rs 5.35 trillion in the last 7.5 years.”

Vallabh’s remarks came after it was found that the sensational Rs 22,842 crore mega loan fraud allegedly perpetrated by the Gujarat-based ABG Shipyard Ltd (ABGSL) did not even spare the IPO-bound Life Insurance Corporation of India (LIC), while ICICI Bank and IDBI Bank took the worst-hit among other government, private, and foreign banks and NBFCs.

“Average fraud in the banking industry per day in the last 7.5 years (2,737 days) is Rs 195.5 crores a day, as per an RTI reply, while RBI’s recovery rate in 2020-21 of these frauds stood at 0.7 per cent. ‘Loot and escape’ is Modi government’s flagship scheme for bank fraudsters. A total of Rs 22,842 crore of public money was swindled. Ease of committing fraud is the new scheme launched by the Modi government for bank fraudsters,” Vallabh said.

The Congress also alleged that the biggest ever bank fraud of Rs 22,842 crore happened under Modi government’s watch, and after a five-year delay, the CBI finally registered an FIR on February 7 against Gujarat-based ABG Shipyard owned by Rishi Agarwal and others for duping 28 banks.

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.

Private lender ICICI Bank has been duped of a staggering Rs 7,089 crore — the highest — followed by the IDBI Bank Ltd with a fraud amount of Rs 3,639 crore.

Crime

Mumbai Police Rebuts Social Media Claims About Missing Children; Warns Action Against Rumours

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A day after reports claimed that 12 minor children went missing within 36 hours across Mumbai, the Mumbai Police on Monday issued a statement rejecting the claims and warning social media users against spreading rumours related to missing or abducted children.

In a post on X, the Mumbai Police said, “Some social media accounts are spreading false information and rumours regarding missing and abducted children. We completely deny these claims.”

The police added that the process has been initiated to register FIRs and take strict legal action against individuals deliberately circulating false information to create fear among the public.

The clarification came a day after Media reported that 12 minor children, including eight girls, had gone missing within a 36-hour span. The unusually high number had triggered concerns about the possible presence of organised child trafficking networks in the city.

While some cases were linked to family disputes or children running away from home, a human trafficking angle was suspected in others.

According to Mumbai Police records, 145 children went missing between June and December 2025, including 93 girls. Between November 1 and December 6 alone, 82 missing cases were registered, with adolescents accounting for more than half. These included 41 girls and 13 boys under 18. Police said several children were later traced and reunited with their families.

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Crime

‘Drunk’ SUV Driver Ploughs Into Crowd After Hitting Several Vehicles In Sangli; 11 Injured

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Chaos unfolded in Maharashtra’s Sangli on Sunday when an SUV ploughed into a crowd after ramming several vehicles on Tilak Road near the Ganpati Temple. According to reports, 11 people, including five police personnel, were injured in the incident.

The accused driver has been identified as Praniket Dattatrey Panchal from the Barshi Road area in Latur. The vehicle first hit several vehicles before ploughing into a crowded stretch where people were walking to attend the Krushnamai Festival.

After the incident, the driver was pulled out of the vehicle by an angry mob and assaulted. The crowd also vandalised the SUV.

The accused was later rescued by the police.

According to reports, the driver was under the influence of alcohol when incident occured. The injured were rushed to hospitals for treatment. Police stated that the driver has been booked and further investigation is underway.

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National News

Fierce govt-Oppn showdown in LS over Rahul Gandhi’s mention of ex-Army chief’s unpublished memoir (Lead)

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New Delhi, Feb 2: The Lok Sabha witnessed uproarious scenes and a huge pandemonium with opposition and treasury benches getting into a face-off over the citing of an ‘unpublished’ book by former Army Chief Mukund Naravane.

LS Speaker Om Birla’s repeated attempts to bring order in the House failed utterly as the Congress party persisted with demands to quote Naravane’s memoirs while the government strongly objected, terming it ‘theatrics’.

The ruckus broke out after the Leader of Opposition (LoP), Rahul Gandhi, led the opposition charge during the debate on Motion of Thanks to the President’s address on Monday.

The Congress MP started his speech by targeting the Centre over an article in a magazine, based on the memoirs of former Army chief Naravane. This invited a quick and direct counter from Defence Minister Rajnath Singh, and also Home Minister Amit Shah.

Gandhi said that the BJP questions the Congress party’s patriotism but blocks a book penned by a top officer of the Armed Forces.

As he started citing lines from the memoir, loud protests erupted from the treasury benches.

Rajnath Singh strongly objected to Gandhi’s quoting from the book, stating that the claims were vague as the book had not even published.

“What is the government scared of?” asked Rahul while doubling down his charge.

LS Speaker Om Birla advised the opposition members to refrain from citing any unverified subject, stating that this would amount to a breach of parliamentary norms.

As the opposition resorted to slogan-shouting, prompting a counter from HM Amit Shah. He urged the Speaker to direct the LoP to stop misleading the House with falsified claims.

The ruckus over Gandhi’s claims, where he stated that Chinese tanks were hurtling towards the Indian border, continued unabated as the opposition insisted on raising these charges while the treasury benches, including Union Ministers, erupted in protest.

The parliamentary rulebook was also cited by some BJP members, but the chaos and pandemonium persisted.

At one point, Samajwadi Party (SP) chief Akhilesh Yadav also rallied behind Rahul Gandhi and stated that since the China border is a sensitive matter, the Congress leader should be allowed to speak on the same.

Congress MPs also pointed fingers at the Speaker, claiming that the ruling party lawmakers have quoted false claims on the Nehru rule multiple times, but they were always given a free hand.

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