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ABG Shipyard's Rs 23k-cr fraud: Auditor failed to red-flag fund diversion

Audit firm partner junked Indian citizenship; paid Rs 27.5 lakh to settle Sebi probe

ABG Shipyard's Rs 23k-cr fraud: Auditor failed to red-flag fund diversion
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Dev Chatterjee Mumbai
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019.

The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time.
In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from

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First Published: Feb 21 2022 | 6:09 AM IST

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