Loan fraud case: ED attaches Amtek Group’s assets worth Rs 5,000 crore

“The SC on February 27 while hearing the PIL against M/s Amtek Auto group of companies, directed ED to investigate the case involving bank fraud by Amtek Auto Group to the tune of Rs 27,000 crore. The Hon’ble Court expressed concerns regarding the diversion of public money, emphasising the necessity of a comprehensive investigation by the ED, even if the banks concerned had settled the accounts,” ED said in a statement on Saturday.

“Investigation has revealed that the financial statements of the group companies were deceitfully manipulated to obtain additional fraudulent loans and create bogus assets and investments in the books of accounts. The agency had undertaken searches in this case in June that led to the unearthing of a complex web of more than 500 shell companies deployed or used by the group to hold and invest in high value real estate and luxury properties, whose shareholdings were concealed in a highly complex shareholding structure,” said ED.

According to the ED, these shell companies were holding assets, whose beneficial ownership has been revealed to be with Arvind Dham, the main promoter and beneficial owner of the Amtek group of companies.

“The assets attached as part of a provisional order issued under the PMLA include 85 immovable properties valued at Rs 2,674.75 crore, spread across 13 different states in India. These include large commercial properties and farm houses at prime locations in Delhi, 200 hectares of land in Maharashtra, hundreds of acres of land in Haryana and Punjab, industrial lands, agricultural lands, residential plotted colonies, flats etc,” said ED.