In a ₹20,000-cr bank fraud case, the ED raids 35 locations connected to the Amtek business.

The Enforcement Directorate (ED) raided 35 locations connected to the Amtek Group in Maharashtra and Delhi-NCR over a bank fraud case involving over ₹20,000 crores in multiple listed firms. The consortium of banks received minimal compensation as these enterprises were subsequently taken over at a modest price through NCLT procedures.

The ED claims that the exchequer has lost between Rs. 10 and Rs. 15 crores as a result of the suspected fraud.
The ED conducted raids in Gurugram, Noida, Mumbai, and Nagpur under the Prevention of Money Laundering Act (PMLA). These locations were connected to the Amtek Group, which was headed by Arvind Dham, Gautam Malhotra, and other individuals.

At first, ACIL Limited, one of the Amtek Group companies, was the subject of a First Information Report from the Central Bureau of Investigation (CBI). They were also directed to look into the scam by the Supreme Court. Based on the CBI's FIR and the Supreme Court's directives, the ED began its probe into the scam.

The loan monies were embezzled and used for international investments, real estate, and startup companies, according to the ED investigation.

False capital assets, debtors, profits, and sales were also disclosed by the inquiry in a way that allowed them to take out further loans without experiencing non-performing assets (NPAs).

"Shares of listed companies are allegedly rigged," the ED claims. Under the names of shell firms, assets valued at a thousand crores have been stored. Money is still kept in the new names even when some foreign assets have been created.