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sitharaman: ABG case: FM slams opposition, says account turned NPA in 2013 | India News – Times of India

NEW DELHI: Finance minister Nirmala Sitharaman on Monday hit out at the opposition over its criticism of the ABG Shipyard case, which has been referred to CBI, saying that the loan account had turned into a non-performing asset in 2013 and banks took less than usual time to detect the alleged fraud by the company.
“The process has been going on from 2014. In general, for any account, determining the element of fraud almost takes 52-54 months. I should say to the credit of the banks, they have taken less time than the average to detect the fraud. A forensic audit was done. Every evidence was collected and given to the Central Bureau of Investigation. In the meanwhile in parallel an NCLT process is also ongoing,” Sitharaman told reporters. The FM slammed the Congress, which led the UPA coalition and had targeted the Modi government, questioning why it took five years to lodge an FIR by CBI when liquidation had begun in 2017. Pointing to the dates she said the loan was classified as an NPA before the Modi government came to power in the summer of 2014.
“I don’t want to politicise this too much as I am sitting in the RBI office, but these noises are being made of how this is the biggest fraud under this government. One should not forget that the account was first declared NPA in 2013,” Sitharaman said.
Alleging fraud, CBI had lodged an FIR in the case.

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