The Delhi High Court refused to give relief to Arvind Dham, former president of MTech Group, caught in a Rs 2700 crore bank fraud case. In the Delhi High Court, Justice Ravindra Dudeja dismissed Arvind Dham’s bail plea, saying that there is no adequate basis to grant bail in this case. Earlier, the Supreme Court also rejected Arvind Dham’s interim bail plea in April this year.
ED attached assets worth more than Rs 550 crore
The investigating agency ED recently attacked the property of more than Rs 550 crore from MTech Group companies. In September 2024, assets worth about Rs 5,115 crore were confiscated. The ED was taken against MTech Auto Limited, ARG Limited, ACIL Limited, Metallist Forgeing Limited, Castex Technologies Limited and Promoter Arvind Dham and others.
ED action on Supreme Court order
This investigation was launched under the Prevention of Money Laundering Act on the order of 27 February 2024 of the Supreme Court. Arvind Dham was arrested in July 2024 and a charge sheet was also filed against him in September the same year.
According to the ED, the CBI had also registered an FIR in this case on the complaint of IDBI Bank and Bank of Maharashtra. At the same time, in this case, it is alleged that the companies of MTech Group incorrectly diverted the loans taken from banks and caused heavy damage to the banks.
Big disclosure in ED investigation
ED investigation revealed that many companies of MTech Group were taken into the wall and banks suffered more than 80 percent loss in the solution process. According to the ED, the financial documents of group companies were manipulated and fake loans were fraudulently taken and fake assets and investment were shown.
The attached properties include 145 acres of land in Rajasthan and Punjab, property worth about Rs 342 crore in Delhi-NCR and fixed deposits of one hundred and twelve crore rupees and bank balance. The ED claimed that all the properties of Amtech were direct income earned from the crime and they were placed by Arvind Dham through a profitable companies or the bankers who had sanctioned loans.
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