Details of the Raids
The raids were carried out on the Amtek Group and its directors, including Arvind Dham and Gautam Malhotra. They targeted approximately 35 business and residential premises in Delhi, Gurugram, Noida, Mumbai, and Nagpur.
Background of the Investigation
The investigation was triggered by a Central Bureau of Investigation (CBI) FIR against a group entity of Amtek, ACIL Limited, on allegations of a bank fraud of over Rs 20,000 crore. The fraud involved a number of listed companies that were eventually taken over in National Company Law Tribunal (NCLT) proceedings at a nominal price, resulting in minimal recovery for the consortium of banks.
The ED believes that the loan funds were siphoned off for investments in real estate, foreign ventures, and new ventures. The Amtek Group allegedly engaged in bogus sales, manipulated capital assets, debtors, and profits to obtain higher loans and avoid non-performing asset (NPA) classification. Additionally, assets worth thousands of crores were allegedly parked in the name of shell companies, and foreign assets were created. Money is believed to be still parked under new names through benami directors and shareholders.
Impact of the Fraud
According to sources, the fraud has caused a loss of approximately Rs 10,000 to Rs 15,000 crore to the exchequer.
Conclusion
The Enforcement Directorate conducted raids at multiple locations in Delhi-NCR, Mumbai, and Nagpur as part of an investigation into an alleged bank loan fraud involving the Amtek Group. The fraud is estimated to be over Rs 20,000 crore. The investigation was triggered by a CBI FIR, and the ED believes that loan funds were siphoned off for various purposes. The fraud has caused a significant loss to the exchequer.
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