ED attaches ₹5,115.31 crore assets in Amtek Auto Group entities case
The Hindu
Enforcement Directorate attaches assets worth ₹5,115.31 crore in Amtek Auto Group bank loan fraud case.
The Enforcement Directorate has provisionally attached movable and immovable properties worth about ₹5,115.31 crore in the money laundering case of Amtek Auto Limited and others pertaining to a bank loan “fraud’ allegedly involving ₹27,000 crore.
Among the associated entities are ARG Limited, ACIL Limited, Metalyst Forging Limited, Castex Technologies Limited, and Amtek Group promoter Arvind Dham.
The assets include 85 immovable properties valued at ₹2,674.75 crore, spread across 13 different States, in forms such as large commercial properties and “prime-location” farm house in Delhi, 200 hectares of land in Maharashtra, hundreds of acres of land in Haryana and Punjab (Gurugram, Chandigarh, Rewari, and Panchkula), industrial and agricultural land parcels, residential plotted colonies, and flats.
In addition, shares worth ₹2,353.46 crore in both the listed and unlisted companies, have been attached. “Some of these companies are Alliance Integrated Metaliks Limited, Newtime Infrastructure Limited, Rollatainers Limited, Adhbhut Infrastructure Limited, Gourmet Gateway Limited, Barista Coffee Company Limited, and B S Ispat Limited,” said the ED, adding that debentures valued at ₹.87.10 crore have also been attached.
Also Read: ED cannot breach the right against self-incrimination of PMLA accused in custody: SC
The ED probe is based on the First Information Reports registered by the Central Bureau of Investigation (CBI) following complaints by the IDBI Bank and the Bank of Maharashtra. It was alleged that loans were diverted, causing losses to the banks.
Also, on February 27, the Supreme Court — while hearing a Public Interest Litigation against Amtek Auto Group of companies, had directed the ED to investigate the case involving alleged bank fraud by Amtek Auto Group to the tune of ₹27,000 crore, said the agency.
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