ED seizes ₹5000cr assets from insolvent Amtek Group, linked to ₹27000cr bank loan fraud.

The Enforcement Directorate (ED) has seized assets worth over ₹5,000 crore from the insolvent Amtek Group, linked to an alleged bank loan fraud totaling about ₹27,000 crore. This action follows the July arrest of promoter Arvind Dham. The ED's investigation, based on complaints from IDBI Bank and the Bank of Maharashtra, revealed manipulated financial statements used to secure fraudulent loans and divert funds, causing significant losses to the banks.

September 07, 2024
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