Congress MP Rahul Gandhi on Sunday said bank frauds of Rs 5.35 lakh crore had taken place during PM Narendra Modi's tenure so far - the largest swindle of people's money in the last 75 years.

Congress accused the government of complicity, collusion and connivance in allegedly duping banks of Rs 22,842 crore by the Gujarat-based ABG Shipyard, dubbing it "India's biggest bank fraud".

"Bank frauds of Rs 5,35,000 cr took place so far during the Modi era - in 75 years there has never been such a fraud...," Gandhi said on Twitter, adding that the days of "loot" have only proven beneficial for PMs' friends. The opposition party has been accusing the Modi dispensation of helping a select few big businesses.

The CBI has booked ABG Shipyard Limited, its ex-chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of banks led by SBIof over Rs 22,842 crore.

"Why did it take five years after the liquidation proceedings of ABG Shipyard to even lodge an FIR for duping 28 banks...?" Congress general secretary Randeep Singh Surjewala asked. 

(With inputs from agencies)