ED Raids Amtech Group Offices in Connection to 20,000 Crore Bank Fraud

Officials from the Enforcement Directorate (ED) conducted raids on Amtech Group companies and their promoters, accusing them of defrauding banks of over 20,000 crore rupees through loan schemes. The raids, covering 35 locations in Delhi-NCR, Mumbai, and Nagpur, involved thorough searches of both commercial and residential premises.

Residences of key figures, including Amtech Group directors Arvind Dham and Gautam Malhotra, were also targeted. The company’s properties in Delhi, Gurugram, Noida, Mumbai, and Nagpur were scrutinized from early morning as part of the investigation.

Amtech-ACIL allegedly borrowed 20,000 crore rupees from banks, leading to a CBI investigation and FIR registration. Following this, the National Company Law Authority also investigated and acquired some of the companies. The Supreme Court has directed the ED to probe further into the matter.

According to the ED, around 10 to 15 thousand crore rupees were funneled into Amtech companies, resulting in significant financial losses.

The ED suspects the funds were diverted into real estate, foreign investments, and new enterprises. Amtech is also accused of using loan proceeds for fraudulent sales, asset acquisitions, debt settlements, and profit-making ventures.

Additionally, the ED alleges investments in thousands of crores of assets through fake companies, foreign investments, and using directors and shareholders with benami identities.

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