Wed Mar 26 17:43:28 UTC 2025: **ED Attaches ₹557 Crore in Amtek Auto Case**

NEW DELHI, March 26, 2025 – The Enforcement Directorate (ED) announced the provisional attachment of assets worth ₹557.49 crore in its ongoing investigation into Amtek Auto Limited and associated companies. This follows a previous attachment of ₹5,115.31 crore in September 2024, which has since been confirmed.

The latest attachment includes 145 acres of land, properties in and around Delhi valued at ₹342 crore, and financial assets totaling ₹236.4 crore. The ED alleges that Amtek Auto, along with ARG Limited, ACIL Limited, Metalyst Forging Limited, and Castex Technologies Limited, manipulated financial statements to secure loans and create fictitious assets. The investigation revealed a significant haircut of over 80% for banks involved in the resolution of the group’s insolvency.

The ED’s probe stems from a Supreme Court directive in February 2023, following a public interest litigation alleging bank fraud totaling ₹27,000 crore. The court ordered the investigation despite the banks settling their accounts, citing concerns over the alleged diversion of public funds. The investigation also includes allegations of securities fraud involving Mumbai-based stock market operators. Arvind Dham, promoter of the Amtek Group, was previously arrested by the ED. The agency filed a prosecution complaint in September 2024.

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