The banker villains in the ABG Shipyard fraud saga

It would seem Rishi Agarwal is India’s newly minted master fraudster. In making him the fall guy, the lenders to the company are craftily avoiding the spotlight on their role in the fraud.

Let this be said. Rishi Agarwal may be a crook but he is no Vijay Mallya, the former promoter of United Spirits and self-proclaimed king of good times now fighting extradition to India in the UK courts. Mallya became the poster boy of buccaneering promoters who led a lavish lifestyle at the cost of employees, showing no remorse for defaulting on Rs 9,000 crore of debt. 

But the little-known Agarwal, promoter of Gujarat-based shipbuilding firm ABG Shipyard, has done one better. He and his associates hit the headlines earlier this week for perpetrating the “biggest banking fraud” the country has …

Author

Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.

Writer

advait@mailtmc.com

Mumbai

Author

Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

Editor, Banking

furquan@mailtmc.com

Delhi