The Supreme Court on Monday directed Amtek Group former chairperson Arvind Dham to surrender in jail by 10 am on April 8 in connection with a Rs 2,700-crore bank fraud case. A bench of Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan was irked over his plea which either sought the extension of time to surrender or grant of an interim bail to enable Dham to undergo an angiography test for his alleged heart condition.
Observing Dham had undergone an angiography test recently, the bench asked, "How many times he has to undergo the angiography test?"
It added, "This is not done... We will not become a party to all this. You surrender. If needed you can go for the test in custody."
Dham, the CJI said, if advised for any surgical procedure after the angiography test then he can move court for interim bail.
Senior advocate Kapil Sibal, appearing for Dham, said the trial in the money laundering case of the Enforcement Directorate (ED) involving his client should be halted to enable him the medical treatment.
"If doctors say no surgery after the test, I will surrender," Sibal added.
The bench, however, asked Dham to surrender and ordered him to be taken to a private hospital of his choice to undergo the angiography test, which he would pay for, and in case any surgical procedure was prescribed he could seek the interim bail.
The Delhi High Court recently extended his interim bail on medical grounds till April 7.
Fresh assets worth over Rs 550 crore of Amtek Group firms, an insolvent automotive equipment manufacturing company, were provisionally attached recently by the ED under the anti-money-laundering law in the alleged Rs 2,700 crore bank loan fraud case.
Action was taken against Amtek Auto Limited, ARG Limited, ACIL limited, Metalyst Forging Limited, Castex Technologies Limited and Amtek Group promoter Arvind Dham, apart from some others, the ED said in a statement.
Properties worth Rs 5,115.31 crore were attached by the agency in the case September last.
The ED started its probe under the Prevention of Money Laundering Act (PMLA) on the directions given by the Supreme Court on February 27, 2024.
The ED arrested Dham in July last year and chargesheeted him in September later.
"It was also noted there were FIRs registered by the CBI arising from the complaints by IDBI Bank and Bank of Maharashtra under various sections of IPC and Prevention of Corruption Act on allegations of illegally diverting bank loans by causing wrongful loss to the banks," the ED said.
The probe found that the above-mentioned companies, along with other group concerns, were taken to insolvency, whose resolution led to a haircut of more than 80 per cent for the banks, causing "substantial" losses to these public sector financial institutions.
The financial statements of group companies were "deceitfully manipulated" to obtain additional fraudulent loans and create bogus assets and investments in books of accounts, the agency alleged.
The provisionally-attached assets include 145 acre of land in Rajasthan and Punjab; some properties in Delhi-NCR valued in total at Rs 342 crore, apart from fixed deposits and bank balances worth Rs 112.5 crore.
All the Amtek assets are identified as "direct proceeds of crime" and are held through several companies beneficially owned by Dham and assets of Amtek companies held by bankers who sanctioned the loans, according to the ED.
Observing Dham had undergone an angiography test recently, the bench asked, "How many times he has to undergo the angiography test?"
It added, "This is not done... We will not become a party to all this. You surrender. If needed you can go for the test in custody."
Dham, the CJI said, if advised for any surgical procedure after the angiography test then he can move court for interim bail.
Senior advocate Kapil Sibal, appearing for Dham, said the trial in the money laundering case of the Enforcement Directorate (ED) involving his client should be halted to enable him the medical treatment.
"If doctors say no surgery after the test, I will surrender," Sibal added.
The bench, however, asked Dham to surrender and ordered him to be taken to a private hospital of his choice to undergo the angiography test, which he would pay for, and in case any surgical procedure was prescribed he could seek the interim bail.
The Delhi High Court recently extended his interim bail on medical grounds till April 7.
Fresh assets worth over Rs 550 crore of Amtek Group firms, an insolvent automotive equipment manufacturing company, were provisionally attached recently by the ED under the anti-money-laundering law in the alleged Rs 2,700 crore bank loan fraud case.
Action was taken against Amtek Auto Limited, ARG Limited, ACIL limited, Metalyst Forging Limited, Castex Technologies Limited and Amtek Group promoter Arvind Dham, apart from some others, the ED said in a statement.
Properties worth Rs 5,115.31 crore were attached by the agency in the case September last.
The ED started its probe under the Prevention of Money Laundering Act (PMLA) on the directions given by the Supreme Court on February 27, 2024.
The ED arrested Dham in July last year and chargesheeted him in September later.
"It was also noted there were FIRs registered by the CBI arising from the complaints by IDBI Bank and Bank of Maharashtra under various sections of IPC and Prevention of Corruption Act on allegations of illegally diverting bank loans by causing wrongful loss to the banks," the ED said.
The probe found that the above-mentioned companies, along with other group concerns, were taken to insolvency, whose resolution led to a haircut of more than 80 per cent for the banks, causing "substantial" losses to these public sector financial institutions.
The financial statements of group companies were "deceitfully manipulated" to obtain additional fraudulent loans and create bogus assets and investments in books of accounts, the agency alleged.
The provisionally-attached assets include 145 acre of land in Rajasthan and Punjab; some properties in Delhi-NCR valued in total at Rs 342 crore, apart from fixed deposits and bank balances worth Rs 112.5 crore.
All the Amtek assets are identified as "direct proceeds of crime" and are held through several companies beneficially owned by Dham and assets of Amtek companies held by bankers who sanctioned the loans, according to the ED.
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