Condemn the loot of public money in banks through nexus of big corporates and government unscrupulous politicians, corrupt bureaucrats and top level bankers

Press Statement issued by General Secretary, Bank Employees Federation of India (BEFI) on ABG Shipyards Fraud, 18 February 2022

The Indian economy is besieged by loot, plunder and frauds of colossal dimensions surfacing unabatedly without any let up aptly fed by the greed mongering neoliberal policy reforms adopted by the governments since 1991 and steamrolled by the present government over the people. In the last few years destabilising bank frauds of ₹5.35 lakh crores have emerged, a staggering ₹8.17 lakh crores bank loans were written-off while bank loan default mounted to an astounding ₹21 lakh crore, bulk of it appropriated by the large business barons at the cost of the national economy. Adding to the booty, the ABG Shipyard Ltd., bearing the signature of much vaunted ‘Gujarat Model’ defrauded banks of ₹22,842 crores, the biggest banking fraud in our history.