The Enforcement Directorate (ED) carried out searches at approximately 35 premises in Delhi-NCR, Mumbai, and Nagpur on Thursday. This action was part of a money laundering investigation targeting a company and its promoters accused of perpetrating an alleged bank loan fraud exceeding ₹20,000 crore. According to official sources cited by PTI, the raids focused on the Amtek Group and its directors, including Arvind Dham and Gautam Malhotra. These searches, spanning business and residential properties in Delhi, Gurugram, Noida, Mumbai, and Nagpur, commenced in the morning. The probe originates from a Central Bureau of Investigation (CBI) FIR filed against ACIL Limited, an entity within the Amtek Group. This FIR alleges a bank fraud exceeding ₹20,000 crore involving multiple listed companies that were eventually acquired at nominal prices through National Company Law Tribunal (NCLT) proceedings. This acquisition left a consortium of banks with minimal recovery. Sources indicated that the Supreme Court had also requested an ED probe. The ED believes that these actions resulted in a loss of approximately ₹10,000 to ₹15,000 crore to the exchequer. According to sources speaking to PTI, the ED suspects that loan funds were “siphoned off” to finance investments in real estate, foreign investments, and new ventures. The investigation alleges that bogus sales, capital assets, debtors, and profits were fabricated within the group to secure more loans and avoid being categorized as non-performing assets (NPAs). Sources reported that the shares of listed companies were allegedly manipulated and rigged, while financial statements were “window dressed” to obtain larger loans through collusion involving auditors and professionals. The ED discovered assets worth thousands of crores that were allegedly transferred to shell companies. Additionally, numerous foreign assets were allegedly established, and funds are purportedly still concealed under new identities using benami directors and shareholders. (With inputs from PTI)
