ED raids premises linked to the Amtek Group and its directors, which include Arvind Dham and Gautam Malhotra
The Enforcement Directorate (ED) on Thursday searched about 35 premises in Delhi-NCR, Mumbai, and Nagpur as part of a money laundering probe against a company – Amtek Group – and its promoters accused of perpetrating an alleged bank loan fraud of more than Rs.20,000 crore. CBI has already registered a case against the Amtek Group, engaged in making power equipments, building controls, and renewable energy for cheating banks.
The raids are being carried out on the Amtek Group and its directors, including Arvind Dham, Gautam Malhotra, and others. About 35 business and residential premises in Delhi, Gurugram, Noida, Mumbai, and Nagpur have been raided since this morning, said officials. The probe stems from a CBI FIR against a group entity of Amtek — ACIL Limited — on allegations of a bank fraud of more than Rs.20,000 crore in a number of listed companies which were finally taken over in NCLT proceedings at nominal price leaving the consortium of banks with nominal recovery, they said.
The Supreme Court too had sought an ED probe. According to the ED, this led to a loss of about Rs.10,000-Rs.15,000 crore to the exchequer. The ED probe found that loan funds were siphoned off to invest in real estate, foreign investment, and investment in new ventures. Bogus sales, capital assets, debtors, and profit were shown in group concerns to get more loans so that it doesn’t get a non-performing assets (NPA) tag, said officials.
The investigators found that the shares of listed companies were rigged, and books of account were window-dressed to obtain higher loans through the collusion of auditors/ professionals. Thousands of crores of assets have been allegedly parked in the name of shell companies, a number of foreign assets have been created and money is still parked under the new names through benami directors and shareholders, the ED found.
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The developing relationship between India and Italy may become a cause of concern for those involved in the Augusta-Westland scam, with one from from Dubai already in Jail. If the money was made surely it was layered and laundered inviting PMLA.
The insatiable thirst for money & greed is unparalleled in the world – only to be seen in India-the land of spirituality !! Ashamed of these businessmen & politicians who brought this great country to such low.