In September 2024, ED in this case 5,115. Setties worth Rs 31 crore were attached.
The Enforcement Directorate (ED) has provided new properties of more than Rs 550 crore by MTech Group, a bankruptary automotive equipment manufacturer in alleged bank loan fraud of Rs 27,000 crore. The ED took this action on Wednesday under the anti-mani-laundering law. According to PTI news, the ED said that the action was taken against MTech Auto Limited, ARG Limited, ACIL Limited, Metallist Forgeing Limited, Castex Technologies Limited and MTech Group promoter Arvind Dham and anything other than Arvind Dham.
These assets were attached
Provisional attached properties include 145 acres of land in Rajasthan and Punjab, some properties in Delhi-NCR, which cost Rs 342 crore. Along with this, fixed deposits of Rs 112.5 crore and bank balance are also included. The ED said that attachment includes investments in shares, mutual funds and AIF (optional investment funds), which cost Rs 123.9 crore. According to the ED, all MTech properties of MTech have been identified as a direct income of crime and are through the assets of many companies owned by Dham and the properties of MTech companies, which are with bankers approved.
Supreme Court has received an order to investigate
According to the news, in September 2024, ED in this case 5,115. Setties worth Rs 31 crore were attached. Let us tell you, the Enforcement Directorate launched an investigation under the Money Laundering Act (PMLA) on February 27, 2024 by the Supreme Court to investigate the Rs 27,000 crore bank fraud case. The Enforcement Directorate arrested Dham under investigation and a charge sheet was filed against him last September.
Concern about misuse of public money
Regarding action, the ED has said that the Supreme Court has expressed concern about the misuse of public funds, and the ED has emphasized the need for extensive investigation, even if the respective banks have settled the accounts. It was also noted that on the basis of complaints made by IDBI Bank and Bank of Maharashtra, an FIR was registered by the CBI (Central Bureau of Investigation) on allegations of illegally misuse of bank loans by incorrectly damaging banks under various sections of the IPC (Indian Penal Code) and Prevention of Corruption Act.
Banks lost more than 80 percent
The ED said that investigation found that the above companies as well as other group companies were also taken into the process of bankruptcy, due to which banks lost more than 80 percent, causing great damage to these public sector financial institutions. The agency alleged that the financial descriptions of the group companies were “deception manipulated” to obtain additional fraudulent loans and fake assets and investment in accounts of accounts.
Latest business news
