ED Raids 35 Locations in Delhi-NCR, Mumbai and Nagpur in Rs 20K-Cr Bank Fraud Case

New Delhi: On Thursday, May 20, the Enforcement Directorate searched almost 35 locations across Delhi-NCR, Mumbai and Nagpur as part of a money laundering investigation against a company and its aides in link with an alleged bank loan fraud of Rs 20,000 crore, an official told PTI.

The investigative agency carried these searches on the Amtek Goirup and its residential, business and other premises of its directors,  Arvind Dham, Gautam Malhotra and others in Delhi, Gurugram, Noida, Mumbai and Nagpur have been raided since this morning.

This search comes after a CBI FIR was filed against the Group entity-- ACIL Limited-- on the allegations of bank fraud of over Rs 20,000 crore in some companies. Later, the Supreme Court also sought an ED probe in the matter.

The source said that this as per the ED This, as per the ED, led to a loss of about Rs 10,000-Rs 15,000 crore to the exchequer, the sources said.

According to the ED, the loan funds were siphoned off to invest in real estate and make foreign investments.

Bogus sales, capital assets, debtors and profit were shown in group concerns to get more loans so that it doesn't get a non-performing assets (NPA) tag, the sources said.

The source alleged that the shares of listed companies were "rigged", and books of account were window-dressed for obtaining higher loans through the collusion of auditors/professionals.

The probe agency found thousands of crores of assets allegedly parked in the name of shell companies, several foreign assets created and while money is still parked under the new names through benami directors and shareholders, the ED found.