India's largest bank scam shows systemic failure in banking system: Analysts

ICICI lost 70.89 billion rupees, while State Bank lost 29.25 billion rupees, among others, in the scam. PHOTO: ICICI BANK/FACEBOOK
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NEW DELHI - A massive bank scam, described as India's biggest, has put fresh focus on banking practices in the country amid efforts to tighten vigilance.

Directors of private shipbuilding company ABG Shipyard, once a major shipbuilding and repair firm that faced insolvency proceedings in 2017, are alleged to have defrauded 28 private and state banks of more than US$3 billion (S$4 billion).

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