look news india
The Enforcement Directorate (ED) raided 35 locations of MTech Group across the country. The company's promoters defrauded banks of crores of rupees. Embezzlement of Rs 20,000 crore was found.
After this, ED has registered a case of money laundering against the owners of the company and started investigation. ED officials raided 35 locations of the company including Delhi, Noida, Gurugram, Mumbai, Nagpur. Money laundering investigation is being conducted against the group's promoters Arvind Dham, Govind Malhotra and others. The promoters took a loan of Rs 20,000 crore from banks and embezzled it and used it for personal consumption.
Investigation was done on the basis of CBI's FIR
The investigation was conducted by the CBI after an FIR was filed against ACIL Ltd, a company of the Amtek Group, for allegedly taking loans worth Rs. 20,000 crores from several listed companies by under-reporting their costs. All these companies were investigated in the NCLT and the Supreme Court also ordered an investigation. This also resulted in a loss of Rs. 10,000 crores to Rs. 15,000 crores to the government.
Fraud, fraudulent entries in accounts
The company manipulated the accounts and made fraudulent entries. Sales and capital assets as well as creditors and profits figures were misrepresented. Share prices of listed companies were manipulated. With the connivance of auditors and accountants, the accounting books were tampered with by making false entries. Crores of rupees were siphoned off in fake companies.