Economic Intelligence agency Enforcement Directorate, Gurugram Zonal Office has temporarily attached properties of M/s Amtek Auto Limited, M/s ARG Limited, M/s ACIL limited, M/s Metalyst Forging Limited and M/s Castex Technologies Limited, Arvind Dham, promoter Amtek Group and others.
The attached assets includes movable and immovable properties of worth over 5 thousand crore. Farm houses, hundreds of acres of agricultural and Industrial land across states and shares and debentures are among the attached properties under Prevention of Money Laundering Act.
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The Enforcement Directorate (ED) has initiated an investigation into the Amtek Auto Group based on FIRs registered by the Central Bureau of Investigation (CBI). The FIRs were filed following complaints by IDBI Bank and Bank of Maharashtra, citing illegal diversion of bank loans and causing wrongful losses to the banks.
The investigation is being conducted under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988. The allegations involve large-scale financial irregularities by the Amtek Auto Group.
On February 27, 2024, the Supreme Court, while hearing a Public Interest Litigation (PIL) against the Amtek Auto Group, directed the ED to investigate the company’s involvement in a ₹27,000 crore bank fraud. The court’s directive aims to expedite the investigation into one of the largest financial frauds in recent years.
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