 "significant beneficial ownership, Financial Action Task Force,FATF, Money laundering, fraud, scam, audit, companies")
Wilful loan defaults in India have grown ten-fold since 2012 and amount to Rs 2.4 trillion, said a media report on Wednesday listing a shipyard company’s promoter and two brothers as among top culprits.
The Reserve Bank of India (RBI) defines wilful defaulters as people who had the capacity to repay their loans but chose not to. Companies that use funds for purposes other than what the loans were originally granted for are wilful defaulters as well.
The 'Times of India' named Rishi Agarwal, Arvind Dham, Mehul Choksi, and the Sandesara brothers among defaulters. Agarwal is the promoter of ABG
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