India

Amtek Group’s Assets Worth Over 5000 Crore Attached In Bank Fraud Case

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.

Also Read: BJP MLA Rameshwar Sharma Accuses Digvijaya Singh Of Trying To Become “New Jinnah”

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.

Shibra Arshad

Recent Posts

India Poised For Highest G20 Growth: Moody’s

Moody’s has forecasted India’s GDP growth at 6.5% for 2025-26, maintaining its position as the…

7 mins ago

Nushrratt Bharuccha Shares Her Thrilling Journey With ‘Chhorii 2’

As the sequel to the hit horror film ‘Chhorii’ approaches its release, Nushrratt Bharuccha expresses…

24 mins ago

India’s Defence Exports Reach Record Rs 23,622 Crore In 2024-25

India’s defence exports hit a record Rs 23,622 crore ($2.76 billion) in 2024-25, up 12.04%…

25 mins ago

Passenger & Cargo Traffic On National Waterways Sees Massive Surge

India’s national waterways have witnessed a significant rise in both passenger and cargo traffic over…

37 mins ago

Supreme Court Seeks Reply On Uttarakhand Madrasa Crackdown

The Supreme Court sought responses from the Centre and Uttarakhand on a petition challenging the…

1 hour ago

Supreme Court Rejects Medha Patkar’s Plea In Defamation Case

The Supreme Court upheld Medha Patkar’s defamation conviction in a case filed by Delhi’s Lieutenant…

2 hours ago