Delhi High Court Denies Bail to Ex-Amtek Chief in Massive Bank Fraud Case

The Delhi High Court has denied bail to former Amtek Group chairperson Arvind Dham, implicated in a Rs 2,700-crore bank fraud case. Despite prior rejection of interim bail by the Supreme Court, the court found no reason to release him. The ED has attached significant assets under anti-money-laundering laws.

The Delhi High Court on Tuesday rejected bail for former Amtek Group chairperson Arvind Dham, who is accused in a Rs 2,700-crore fraud case. The court dismissed Dham's bail application, citing insufficient grounds for relief.

Previously, the Supreme Court had denied Dham interim bail in this high-stakes matter. Earlier, the Enforcement Directorate (ED) provisionally attached new assets of Amtek Group companies worth over Rs 550 crore under anti-money-laundering laws, targeting entities such as Amtek Auto Limited and its affiliates.

Investigations under the Prevention of Money Laundering Act commenced after a directive from the Supreme Court. The ED revealed that the group's financial manipulation led to substantial losses for public banks, with fraudulent loans contributing to over 80% haircut on insolvency resolutions.

(With inputs from agencies.)