ED conducts raids in Delhi-NCR, Mumbai, Nagpur in Rs 20K-cr bank fraud case
The Enforcement Directorate on Thursday searched about 35 premises in Delhi-NCR, Mumbai and Nagpur as part of a money laundering probe against a company and its promoters accused of perpetrating an alleged bank loan fraud of more than Rs 20,000 crore, official sources said.
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 are being raided since this morning, the sources said.
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, the sources said.
This, as per the ED, led to a loss of about Rs 10,000-Rs 15,000 crore to the exchequer,