Delhi High Court Denies Bail in Rs 2,700-Crore Bank Fraud Case

The Delhi High Court has denied bail to Arvind Dham, former chairperson of Amtek Group, in a Rs 2,700-crore bank fraud case. The court emphasized the serious economic repercussions of such offences and the advanced technology that complicates investigations, warranting the need for continued custody to maintain public trust.

The Delhi High Court on Tuesday refused to grant bail to Arvind Dham, ex-chairperson of the Amtek Group, in a significant Rs 2,700-crore bank fraud case. Justice Ravinder Dudeja emphasized the serious repercussions of economic offences on the financial system, particularly when technology and artificial intelligence complicate investigations.

Highlighting the complexity of such crimes, the judge noted that premature bail could undermine accountability efforts. The ongoing inquiry is crucial to ensure that justice is served without wrongfully implicating the innocent. The court stressed that the large-scale diversion of public funds demands stringent bail considerations due to its potential harm to the economy and public trust.

The Enforcement Directorate (ED) has been actively involved, attaching assets worth over Rs 550 crore recently, and continuing to investigate under the Prevention of Money Laundering Act. Allegations point towards deliberate manipulation of financial statements by Amtek Group companies, leading to substantial losses for public sector banks.

(With inputs from agencies.)