Indian Shipbuilder Linked to Bank Fraud Through Accounting Manipulation

A leading private sector shipbuilder in India, once licensed to build vessels for the Indian Navy, has been linked to a major bank fraud involving manipulated financial statements. The company's balance sheet showed large assets, some overstated or nonexistent, with depreciation charged to mask financial stress. Allegations suggest funds were diverted to benefit promoters while lenders and investors relied on inaccurate reports.