Delhi court grants 7-day custody of Amtek Group's Arvind Dham to ED in Rs 25,000-cr bank fraud case

Last month, the agency had conducted searches at around 35 35 locations in Delhi-NCR, Mumbai and Nagpur as part of the money laundering probe

Enforcement Directorate on July 9 arrested Arvind Dham, the promoter of Amtek Group of companies, under the provisions of Prevention of Money Laundering Act in an alleged case of bank fraud of over Rs 25,000 crore, the probe agency said on July 11.

A special court (PMLA) in Rouse Avenue in Delhi granted seven days of ED custody, the agency said in a post on X.

Last month, the agency had conducted searches at around 35 locations in Delhi-NCR, Mumbai and Nagpur as part of the money laundering probe. The raids were carried out on the Amtek Group and its directors, including Arvind Dham, Gautam Malhotra and others.

The Hon’ble Special Court (PMLA), Rouse Avenue, Delhi has granted 07 days ED custody.

— ED (@dir_ed) July 11, 2024

The probe stems from a CBI FIR against a group entity of Amtek– ACIL Limited– on allegations of a bank fraud of more than Rs 20,000 crore in a number of listed companies which were finally taken over in NCLT proceedings at nominal price leaving the consortium of banks with nominal recovery, they said.

The Supreme Court too had sought an ED probe, the sources said.

This, as per the ED, led to a loss of about Rs 10,000-Rs 15,000 crore to the exchequer, the sources said.

With inputs from PTI