By Nidhi Verma

NEW DELHI (Reuters), India’s federal investigative agency filed a police report against ABG Shipyard Ltd. It and its promoters are accused of defrauding 228.42 million Indian rupees ($3.03 trillion) banks.

This report was posted to the website of the Central Bureau of Investigation. It stated that a two-year old forensic audit report received from banks had revealed instances of fraud between April 2012 and July 2017.

ABG Shipyard was unable to be reached for comment. They also did not respond immediately to emails. According to the central bank, this shipbuilder was one of India’s most indebted businesses.

CBI filed a complaint based on figures from the forensic audit. The company owed 70.89 Billion Rupees (ICICI Bank), 36.34 Billion to IDBI Bank, and 16.14Billion rupees (16.14 billion) to Bank of Baroda. 12.44 Bilion rupees were owed to Punjab National Bank. 12.28 Billion rupees was owed to Indian Overseas Bank.

State Bank of India was responsible for maintaining the ABG Shipyard accounts. It had also filed the report to the CBI.

The report was included in the CBI complaint on Sunday. It stated that the fraud involved diversion of funds and “misappropriation” with the objective of gaining illegally at the Bank’s expense.

It stated that the money had been used to fund other purposes than those for which it was released by Bank.

($1 equals 75.3188 Indian rupees).