The Enforcement Directorate (ED) is actively conducting searches across more than 35 locations in connection with a ₹20,000-crore bank fraud case linked to the Amtek Group. The extensive raids are taking place in key cities including Delhi, Gurugram, Noida, Mumbai, and Nagpur, focusing on premises associated with the Amtek Group led by Arvind Dham, Gautam Malhotra, and others.
Source : ZEE
The alleged fraud involves several listed companies that were acquired at minimal prices through National Company Law Tribunal (NCLT) proceedings, resulting in significant financial losses for a consortium of lending banks, estimated between ₹10,000 crore to ₹15,000 crore.
Source:- BBC news
The ED’s investigation was initiated following a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) involving ACIL Limited, a group entity. The Supreme Court had directed the investigation into the fraud, leading to today’s extensive search operations.
According to the ED, the loan funds were misappropriated and diverted into real estate, new ventures, and foreign investments. The agency alleges that the Amtek Group displayed fictitious sales, capital assets, debtors, and profits to secure additional loans, preventing their accounts from being classified as non-performing assets (NPAs).
Further allegations suggest that the shares of listed companies were manipulated. The ED claims that assets worth thousands of crores have been concealed under shell companies, and numerous foreign assets were created. The funds are purportedly still hidden under new names.
This major crackdown is part of the ED’s ongoing efforts to combat financial fraud and ensure accountability for large-scale economic offenses
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