News > Behind the ABG Shipyard fraud, a system that lets big firms gamble with savings of ordinary people

Behind the ABG Shipyard fraud, a system that lets big firms gamble with savings of ordinary people

In the pandemic year of 2021, the revised estimate of the Uttar Pradesh government’s spending on health and family welfare for its 23.50 crore people (who form 16.5% of India’s population) was Rs 20,582 crores, which is lower than the amount of money in the ABG bank fraud of Rs 22,842 crores.

It is pertinent to note that the total fraud loans in 2020-’21 in India amount to Rs 137,023 crores, which accounts for 99% of all bank frauds.