A picture used only for a representative purpose. | Photo Credit: Reuters
The Directorate for Enforcement of Law (ED) filed an additional complaint against a complaint against 56 accused in the case of “banking loans” concerning AMTEK AUTO LIMITED and others. So far, the agency has attached assets, most of which were considered for their accounting value worth about 6,261.37 GBP crore.
Others mentioned in this case include Argl Limited, ACil Limited, Metalyst Forging Limited and Castex Technologies Limited and other group companies along with the main promoter of ArvIND Dham and other individuals. The Special Court in Delhi, which will take awareness of complaints, issued a notice to all accused, including the promoters of the AMTE group, their family members, authorized accountants, bankers, experts in the ruling and operators of stock market.
The ED launched a probe on the Supreme Court Directive of 27 February 2024 and heard a public interest against AMTEK’s automobile group based on accusations of extensive money laundering involving loans earned mainly from the public sector banks. The Central Investigation Office also registered cases on the basis of complaints from IDBI Bank and Bank of Maharashtra, accusation of illegal diverting banking loans.
According to ED, his investigation revealed the role of authorized accountants who reported “fraudulent audit reports and covered fictitious inflation of solid assets in books without notifying fraudulent diversions and abuse of a crime performed by a group”. Some bankers approved loans against “disproportionate benefits and still pulled out loans without the instructions of India Reserve Bank of India”.
The agency also asked questions against suspicious stock market operators based in Mumbai, who “helped the AMTEK group in cheating foreign portfolio investors” of approximately 1,000 GBP investment in Castex Technologies Limited. “The shares operators hired the Amtek Group to handle the company’s shares through artificial price equipment,” he said.
After the loan repayment failure, 15 group companies were transported to the National Company Law Tribunal (NCLT). Cases were solved by a deep hairstyle 81% for creditors. The agency found that “before the management of NCLT, a group of organizers stolen their assets by underestimated transfers using their leading entities/Benami.” In accordance with this, the role of professionals in the field of solution was also included in the complaint.
“After the group companies’ resolution, the Personal Insolvency Proceedings of ArvIND DHAM were initiated by Committee 23 creditors with claims for more than 38,000 GBP. Based on the claim, it was accused that the accusation has so far been recovered according to loan and banking.
During the ED probe, it reportedly detected a maze of about 500 Shell entities created to buy and hold asset worth over 6,000 GBP Crore using siphon resources. Previously, he made a search and arrested Mr. Dham, after which the complaint was filed 6 September 2024.
Published – August 11 2025 20:08
