The motion comes after the federal company arrested Amtek Group promoter Arvind Dham in July. The corporate is underneath liquidation.
The Enforcement Directorate (ED) booked a case towards the corporate and its promoters underneath numerous sections of the Prevention of Cash Laundering Act (PMLA), taking cognisance of a CBI FIR and a path issued to it by the Supreme Courtroom in February to probe the case.
The IDBI Financial institution and the Financial institution of Maharashtra had filed a CBI criticism towards the accused for “illegally diverting” financial institution loans and inflicting loss to those lenders, the ED mentioned in an announcement. The financial institution “fraud” is estimated to be about ₹27,000 crore.
Corporations of the group like Amtek Auto Restricted, ARG Restricted, ACIL restricted, Metalyst Forging Restricted and Castex Applied sciences Restricted together with different considerations had been taken to insolvency, whose decision had led to “large haircut” of greater than 80 per cent for the banks inflicting “substantial” losses to those public sector banks, it claimed.
Probe discovered that the monetary statements of the group corporations had been “deceitfully manipulated” to acquire extra fraudulent loans and create bogus belongings and investments within the books of accounts, the ED mentioned.
The company had undertaken searches on this case in June that led to the unearthing of a fancy net of greater than 500 shell corporations deployed or utilized by the group to carry and put money into excessive worth actual property and luxurious properties, whose shareholdings had been hid in a “extremely complicated shareholding construction”, it mentioned.
“These shell corporations had been holding belongings, whose useful possession has been revealed to be with Arvind Dham, the principle promoter and useful proprietor of the Amtek group of corporations and he was was discovered to be alienating or transferring these belongings,” it mentioned.
The belongings connected as a part of a provisional order issued underneath the PMLA embrace 85 immovable properties valued at ₹2,674.75 crore, unfold throughout 13 completely different states in India.
These embrace “massive” industrial properties and farm homes at prime areas in Delhi, 200 hectares of land in Maharashtra, lots of of acres of land in Haryana and Punjab, together with in Gurugram, Chandigarh, Rewari and Panchkula, industrial lands, agricultural lands, residential plotted colonies, flats and so forth, it mentioned.
The connected belongings additionally additionally embrace movable belongings, together with shares price ₹2,353.46 crore in each listed and unlisted corporations like Alliance Built-in Metaliks Restricted, Newtime Infrastructure Restricted, Rollatainers Restricted, Adhbhut Infrastructure Restricted, Connoisseur Gateway Restricted, Barista Espresso Firm Restricted, and B S Ispat Restricted, as per the ED.
Debentures price ₹87.10 crore have been connected, the company mentioned, including that the overall worth of all these properties underneath attachment is ₹5,115.31 crore.
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