look news india
New Delhi 07 September (HS). The Enforcement Directorate (ED) has provisionally seized movable and immovable assets worth Rs 5,115.31 crore in a money laundering case related to an alleged Rs 27,000 crore bank loan “fraud” against Amtek Auto Limited and others. The ED has taken this action under the Prevention of Money Laundering Act, 2002 (PMLA).
The central probe agency said in a statement on Saturday that the ED provisionally seized movable and immovable assets worth Rs 5,115.31 crore on August 05, 2024 under the provisions of the Prevention of Money Laundering Act, 2002 in the case of Gurugram-based promoter MTech Group and others. Other entities and individuals involved in the case include ARG Limited, ACIL Limited, Metalist Forging Limited, Castex Technologies Limited and MTech Group promoter Arvind Dham.
The ED said searches in the case were conducted by the central probe agency in June 2024, which resulted in the unearthing of “a large web of over 500 shell companies that were deployed or used by the group to invest in high-value real estate and luxury properties, whose shareholding was concealed in a highly complex structure”.