Court Grants ED Seven-Day Custody of Arvind Dham in Money Laundering Case

Rouse Avenue court has granted seven days of custody of Arvind Dham to the Enforcement Directorate in a money laundering case. Dham, promoter of Amtek Group, faces allegations of siphoning funds and withholding information. The court will review the case on July 17.

Delhi's Rouse Avenue court on Wednesday granted seven days of custody of Arvind Dham to the Enforcement Directorate (ED) in connection with a money laundering case. Dham, a key figure in the Amtek Group, was produced in court following his arrest, with the ED initially seeking a 14-day custody for interrogation.

Special CBI judge Bhupinder Singh approved the seven-day custody and ordered Dham to be presented again on July 17. The ED's request for extended custody aimed to investigate thousands of crores in illicit proceeds and 'benami' properties linked to the case. Special Public Prosecutors Simon Benjamin and Manish Jain represented the ED.

The ED argued that the investigation revealed significant evidence of funds being siphoned through shell companies and investments in properties. They allege Dham, his family members, and associated shell companies funnel money illicitly, violating the Prevention of Money Laundering Act, 2002 (PMLA). The agency stated that Dham has been uncooperative, withholding crucial information and evading necessary disclosures.

Senior advocate Vikram Chaudhari, representing Dham, contested the ED's plea, arguing against the need for custody and calling for Dham's immediate release. The court decision comes against the backdrop of allegations that the Amtek Group committed a significant bank fraud amounting to Rs 20000 crores, investigated initially by the CBI.

Earlier, the ED carried out raids across multiple locations including Delhi, NCR, and Maharashtra as part of the wider investigation into the Amtek Group's financial activities. The probe revealed misuse of loan funds for real estate, foreign investments, and new ventures, causing substantial financial losses.