A bank fraud case involving over ₹20,000 crores in multiple listed firms resulted in raids by the Enforcement Directorate (ED) at 35 locations connected to the Amtek Group in Delhi-NCR and Maharashtra. A modest return for the consortium of banks resulted from these businesses eventually being taken over in NCLT proceedings at a nominal sum.
The ED claims that the exchequer has lost between Rs. 10-15 crores as a result of the alleged fraud.
The ED conducted raids in Gurugram, Noida, Mumbai, and Nagpur under the Prevention of Money Laundering Act (PMLA). These locations were connected to the Amtek Group, which was headed by Arvind Dham, Gautam Malhotra, and other individuals.
ACIL Limited was one of the Amtek Group firms about which the Central Bureau of Investigation (CBI) had a First Information Report at first. They were also directed by the Supreme Court to look into the fraud. The ED started its investigation into the fraud in accordance with the Supreme Court’s directives and the CBI’s FIR.
The loan funds were embezzled and used for international investments, real estate, and startup companies, according to the ED investigation. Fake capital assets, debtors, profits, and sales were also disclosed by the inquiry in a way that allowed them to take out further loans without experiencing non-performing assets (NPAs).
As per the ED, “shares of listed companies are allegedly manipulated. Under the names of shell companies, assets valued at a thousand crores have been stored. Although certain foreign assets have been created and funds are still kept in the new names.”
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