Gurugram: ED nabs Amtek Group promoter in money laundering case

Gurugram, July 11

The ED has arrested Arvind Dham, the promoter and one of the directors of the Amtek Group, for his alleged involvement in a Rs 25,000-crore bank loan fraud case. The company manufactures insolvent automotive equipment.

As per ED, Dham was taken into custody on Tuesday. A special Prevention of Money Laundering Act (PMLA) court in Delhi sent him to seven days of ED custody on Wednesday. The case against the company and its directors came to light after an FIR was registered by the CBI following written complaints by IDBI Bank and Bank of Maharashtra.

According to ED, the loans were diverted by the means of cheating, fraud and criminal breach of trust, causing a wrongful loss of Rs 673.35 crore to the banks. While deciding a public interest petition against the Amtek Group, the Supreme Court had directed the ED to investigate the case in February.

Last month, the ED had conducted raids on the properties of Dham, another firm director Gautam Malhotra and others. The ED said the Amtek Group had defaulted on loans exceeding Rs 25,000 crore that were taken from more than 15 banks.

The companies under Amtek Group were taken to insolvency, thereby causing substantial loss to the banks. Dham was the “beneficial owner” of several benami properties in various companies.