ED conducts searches at over 35 locations in ₹20,000-crore bank ‘fraud’ case
The Hindu
Enforcement Directorate conducts raids at 35+ locations linked to Amtek Group in ₹20,000-crore bank fraud case.
The Enforcement Directorate is conducting searches at more than 35 locations allegedly linked to Amtek Group in connection with a ₹20,000-crore bank fraud case.
The raids are being carried out in Delhi, Gurugram, Noida, Mumbai, Nagpur, and other places “on Amtek Group led by Arvind Dham, Gautam Malhotra, and others”.
Also read: ED arrests five in ₹56,000-crore bank fraud case against Bhushan Steel
The alleged fraud was done in a number of listed companies which were finally taken over at nominal prices in National Company Law Tribunal (NCLT) proceedings, leaving the consortium of lending banks with nominal recovery.
“This led to losses to the exchequer of approximately ₹10,000 crore to ₹15,000 crore,” according to the agency.
The ED probe was launched on the basis of a First Information Report registered by the Central Bureau of Investigation CBI FIR involving one group entity, ACIL Limited, and as per the Supreme Court directions to investigate the fraud.
The agency alleges that loan funds were siphoned off to invest in the real-estate and new ventures, and also for making foreign investments. Fictitious sales, capital assets, debtors and profit were shown in the group concerns to get more loans so that the account did not turn into a non-performing asset.
Maharashtra's 29 civic bodies, including Mumbai, hold elections with 3.48 crore voters choosing 2,869 corporators amid intense competition.
Congress leader B.V. Rajeev Gowda from Shidlaghatta in Chikkaballapur district allegedly threatened the Municipal Commissioner of the town of setting fire to her office and getting her beaten up, and used abusive language, over a flex and banner that was removed for violating norms.
Police in Vizag seize 650 rolls of banned Chinese manjha amid safety concerns as illegal sales continue ahead of Sankranti.
Deputy CM D.K. Shivakumar clarifies Rahul Gandhi's message was simply to continue good work, dismissing any speculation.
Over 51,000 hearings in Ernakulam help reinstate voting rights as part of the Special Intensive Revision of voter rolls.
The foundation stone for the construction of Shri Parashurama Swagata Gopura (Welcome Tower) in the northern entry to Udupi city will be laid by Yashpal Suvarna, Udupi MLA and president of Shiroor Mutt Paryaya Swagata Samiti on January 16.
The municipal bus stand auditorium in Malappuram was packed. But nobody quite knew what to expect. After all, a new event was making its debut at the State School Arts Festival. The moment V.G. Harikrishnan started his rendition of Pyar bhare do sharmile nain..., everyone was convinced that Ghazal was here to stay. The student from GVHSS, Atholi (Kozhikode), was applauded loudly for his rendering of the timeless ghazal sung originally by Mehdi Hassan.
Join influential discussions at The Hindu Lit for Life festival in Chennai on January 17-18, 2024.
For the last few weeks, several wards in Madurai city have been getting piped drinking water through a new drinking water scheme. The sweetness of the generously supplied water has led to loss of business to several suppliers of canned drinking water in the city. But, not many know that the water supplied to the houses in Madurai is directly drawn from Lower Dam of Mullaperiyar Dam in Idukki district of Kerala.
A 20-acre farm on the St Xavier’s College campus at Thumba run by State Award-winning farmer S.V. Sujith had visitors from the Iowa State University, U.S., on Tuesday.
NGT issues notices to U.P., M.P., and Rajasthan over sewage contamination in drinking water, citing serious health risks.
Last-minute Pongal shoppers crowd Tiruchi's markets, boosting sales for traders amid rising prices for fruits and festive items.
Confusing coalitions and absent accountability raise voter concerns as Mumbai's civic elections approach amidst air quality neglect.