Bank fraud: SC grants bail to Amtek Group ex-chairperson in ED case
New Delhi (PTI): The Supreme Court on Tuesday granted bail to former Amtek Group chairperson Arvind Dham in a money laundering case related to Rs 27,000 crore bank fraud.
A bench of Justices Sanjay Kumar and Alok Aradhe set aside a Delhi High Court order which had denied bail to him.
Justice Aradhe, who was sitting in a bench led by Justice PS Narasimha, pronounced the verdict, saying the court has allowed the appeal of Dham in the case.
The Delhi High Court had denied bail to Dham on August 19 last year, saying premature release could risk undermining efforts to secure accountability.
"With the advancement of technology and Artificial Intelligence, economic offences such as money laundering have emerged as a serious threat to the financial system of the country. These offences pose a significant challenge for investigating agencies, given the complex and intricate nature of the transactions and the involvement of multiple actors," the high court had said.
The high court added that a meticulous and thorough investigation was essential to ensure that innocent persons were not wrongfully implicated and that the actual offenders were brought to justice.
"The complexity of the case, the multiplicity of transactions, and the layered corporate structures necessarily entail a protracted trial," it had said.
The high court had said that the principle that economic offences warrant stringent treatment in bail matters was not absolute. However, "in cases involving large-scale diversion of public funds, the gravity of the offences assumes overriding significance."
"Given the serious repercussions for the economy and the banking sector, such offences undermine public confidence and harm depositors and creditors. Granting bail too liberally in such matters risks sending a counterproductive signal. Granting bail at this juncture would risk compromising both the trial and public confidence in the justice system. Continued custody is thus warranted," it had said.
Earlier, the ED provisionally attached assets worth over Rs 550 crore of Amtek Group firms, an insolvent automotive equipment manufacturing company, under the anti-money-laundering law.
Action was taken against Amtek Auto Limited, ARG Limited, ACIL limited, Metalyst Forging Limited, Castex Technologies Limited and Amtek Group promoter Arvind Dham, apart from some others, the ED had said.
Properties worth Rs 5,115.31 crore were attached by the agency in September, 2024.
The ED probe began under the Prevention of Money Laundering Act (PMLA) on the directions of the Supreme Court on February 27, 2024.
Dham was arrested by the agency in July, 2024 and chargesheeted in September, 2024.
The probe found the companies, along with other group concerns, were taken to insolvency, whose resolution led to a haircut of more than 80 per cent for the banks, causing "substantial" losses to these public sector financial institutions.
The financial statements of group companies were "deceitfully manipulated" to obtain additional fraudulent loans and create bogus assets and investments in the books of accounts, the agency alleged.
The provisionally-attached assets include 145 acres of land in Rajasthan and Punjab, some properties in Delhi-NCR valued in total at Rs 342 crore, apart from fixed deposits and bank balances worth Rs 112.5 crore.
All the Amtek assets are identified as "direct proceeds of crime" and held through several companies beneficially owned by Dham and assets of Amtek companies held by bankers who sanctioned the loans, according to the ED.
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Experience comes when you play bigger teams in bilateral series: Rashid Khan
Chennai (PTI): Afghanistan skipper Rashid Khan called for more bilateral series against stronger cricketing nations after his team signed off from the T20 World Cup on a high, defeating Canada in their final group match here on Thursday.
Afghanistan played some exhilarating cricket, going down to South Africa in a gripping second Super Over after the scores were tied, a humdinger that provided one of the early thrills of the World Cup.
However, the spin-bowling stalwart said Afghanistan could make significant strides if they get regular opportunities to compete against stronger cricketing nations.
"Couple of areas to improve, with the batting, the middle order got a bit stuck against the big teams, and then with the bowling the death overs. That comes when you play the bigger teams in bilateral series," said Rashid after his team defeat Canada by 82 runs, with him returning excellent figures of 2 for 19.
The stalwart said the side had arrived well prepared for the tournament and produced some breathtaking cricket, but admitted the narrow defeat to South Africa proved costly and remained a painful setback.
"We were well-prepared (for the tournament), we played some unbelievable cricket. The game against South Africa, that really hurt everyone. We had to win one of those (first two) games and see how the tournament unfolded. We'll take some positive things from this World Cup and look forward," he said.
With head coach Jonathan Trott set to part ways with the team, Rashid described the departure as an "emotional" moment for the side.
"I think we had some wonderful times with him. Where we are now, he played a main role. It's emotional to see him leave us, but that's how life is. We wish him all the best and somewhere down the line we see him again."
Ibrahim Zadran, who was named Player of the Match for his unbeaten 95 off 56 balls, said it was satisfying to finally register a substantial score after two below-par outings.
"I enjoyed it, didn't play better cricket in first two innings, which I expect. Wanted to back my skills, really enjoyed it. Pressure was there, it's there all the time. I want to put myself in pressure situations and enjoy it," said Zadran.
"Wanted to play positive cricket, rotate strike and punish bad ball, create partnerships and this is what I have done."
