The Enforcement Directorate conducted searches at approximately 35 locations in Delhi-NCR, Mumbai, and Nagpur as part of a money laundering investigation into a company and its promoters accused of orchestrating a bank loan fraud exceeding Rs 20,000 crore. The raids targeted the Amtek Group and its directors, including Arvind Dham, Gautam Malhotra, and others.
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Properties in Delhi, Gurugram, Noida, Mumbai, and Nagpur were raided in connection with the probe, stemming from a CBI FIR against a group entity of Amtek, ACIL Limited, over allegations of a bank fraud of over Rs 20,000 crore.
The Supreme Court had also sought an ED probe, with estimated losses to the exchequer amounting to about Rs 10,000-Rs 15,000 crore. According to the ED, loan funds were diverted for real estate, foreign investment, and new ventures. Allegations include inflated sales, capital assets, debtors, and profits in group concerns to obtain more loans and avoid the non-performing assets (NPA) classification.
The investigation further revealed supposed share manipulation in listed companies, window-dressed account books to secure higher loans through collusion of auditors and professionals, and the creation of shell companies to park substantial assets. Additionally, foreign assets were allegedly established, while funds were purportedly still held under new names through benami directors and shareholders.
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