- विज्ञापन -
Gurugram: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 557.49 crore belonging to the Amtek Group, which includes companies like M/s Amtek Auto Limited, M/s ARG Limited, M/s ACIL Limited, M/s Metalyst Forging Limited, and M/s Castex Technologies Limited. This action is part of an investigation into Arvind Dham, the group’s promoter, and others, under the Prevention of Money Laundering Act (PMLA), 2002.
This follows a previous attachment of Rs 5115.31 crore in September 2024, which was confirmed by the PMLA Adjudicating Authority. The ED had earlier conducted searches across over 40 locations, arrested Arvind Dham, and filed a prosecution complaint in September 2024.
The investigation stems from a Supreme Court order issued on February 27, 2024, which directed the ED to probe a bank fraud case involving Amtek Auto Group, with alleged financial misconduct amounting to Rs 27,000 crore. The court expressed concerns over the diversion of public funds, stressing the importance of a thorough investigation by the ED, even though the banks had settled the accounts.
The ED’s investigation revealed that there were FIRs filed by the CBI against the Amtek Group, following complaints from IDBI Bank and the Bank of Maharashtra, under various sections of the IPC and the Prevention of Corruption Act. These allegations involve illegal diversion of loans, resulting in significant losses for the banks.
The attached assets include immovable properties such as land in Rajasthan and Punjab, and properties in Delhi/NCR, valued at Rs 342 crore. Other assets include FDs and bank balances worth Rs 112.5 crore, shares, mutual funds, and investments in AIF totaling Rs 123.9 crore. These assets are considered proceeds of crime, held through multiple companies owned by Arvind Dham and the banks that sanctioned loans to Amtek Group.
Additionally, the ED’s probe uncovered investments linked to notorious stock market operators involved in securities fraud with the Amtek Group’s listed companies, as well as assets alienated before insolvency proceedings began. The investigation also revealed that the group’s companies were taken to insolvency, leading to a significant loss for the banks, with haircuts exceeding 80%.
Further investigations are ongoing, according to ED officials.
