Introduction
Amtek Group Loan Fraud: ED Seizes Farmhouses, Industrial Lands, and Shares Worth ₹5,115 Crore
The Enforcement Directorate (ED) has attached farmhouses, industrial lands, and shares worth ₹5,115 crore in an alleged bank loan fraud case against Amtek Group, an insolvent automotive equipment manufacturing company. The action comes after the ED arrested Amtek Group promoter Arvind Dham in July. The company is under liquidation, and the attached assets include 85 immovable properties, movable assets, and debentures.
The Amtek Group Loan Fraud Case
The Amtek Group and its Promoters
The Amtek Group is an insolvent automotive equipment manufacturing company that has been involved in a massive bank loan fraud. The company’s promoters, including Arvind Dham, have been accused of illegally diverting bank loans and causing a loss of ₹27,000 crore to the lenders.
The Investigation and Attachments
The ED investigation found that the financial statements of the group companies were "deceitfully manipulated" to obtain additional fraudulent loans and create bogus assets and investments in the books of accounts. The agency also discovered a complex web of over 500 shell companies deployed or used by the group to hold and invest in high-value real estate and luxury properties.
The Attached Assets
The attached assets include 85 immovable properties valued at ₹2,674.75 crore, spread across 13 different states in India. These properties include large commercial properties, farmhouses, industrial lands, agricultural lands, residential plotted colonies, and flats. The attached movable assets include shares worth ₹2,353.46 crore in listed and unlisted companies, as well as debentures worth ₹87.10 crore.
The Impact of the Attachments
The attachments are expected to have a significant impact on the Amtek Group and its promoters. The ED’s action is seen as a major blow to the group’s attempts to recover from its financial difficulties. The attachments are also expected to send a strong message to other companies and individuals involved in similar fraudulent activities.
Conclusion
Conclusion
The ED’s attachment of farmhouses, industrial lands, and shares worth ₹5,115 crore in the Amtek Group loan fraud case is a significant step towards recovering the losses caused by the company’s promoters. The action is expected to have a major impact on the group’s financial situation and send a strong message to other companies and individuals involved in similar fraudulent activities.
Frequently Asked Questions
Frequently Asked Questions
Q1: What is the Amtek Group loan fraud case?
The Amtek Group loan fraud case is an alleged bank loan fraud case against Amtek Group, an insolvent automotive equipment manufacturing company. The company’s promoters, including Arvind Dham, have been accused of illegally diverting bank loans and causing a loss of ₹27,000 crore to the lenders.
Q2: What are the attached assets in the Amtek Group loan fraud case?
The attached assets in the Amtek Group loan fraud case include 85 immovable properties valued at ₹2,674.75 crore, movable assets, and debentures worth ₹87.10 crore.
Q3: What is the total value of the attached assets?
The total value of the attached assets is ₹5,115 crore.
Q4: Who is Arvind Dham?
Arvind Dham is the promoter of Amtek Group and has been arrested by the ED in connection with the loan fraud case.
Q5: What is the impact of the ED’s attachment on the Amtek Group?
The ED’s attachment is expected to have a significant impact on the Amtek Group’s financial situation and is seen as a major blow to the group’s attempts to recover from its financial difficulties.
