ED Cracks Down on Amtek Group in Massive Bank Fraud Scandal

The Enforcement Directorate attached assets worth Rs 550 crore under the anti-money-laundering law related to a Rs 27,000 crore bank fraud case involving Amtek Auto Group. The action followed a Supreme Court mandate to investigate, highlighting significant public fund mismanagement and fraudulently acquired loans.

The Enforcement Directorate (ED) has taken significant action in the Rs 27,000 crore bank fraud case by provisionally attaching assets exceeding Rs 550 crore under the Prevention of Money Laundering Act (PMLA).

This move comes after a directive from the Supreme Court, which pointed out grave concerns over the diversion of public money. The fraudulent activities involved Amtek Auto Limited and its associated companies.

Assets identified include land, fixed deposits, and investments suspected of being proceeds of crime. The ED's ongoing efforts aim to uncover deceitful financial manipulations and secure substantial recoveries for affected financial institutions.

(With inputs from agencies.)