The Enforcement Directorate on Thursday carried out searches on Amtek Group at more than 35 premises in Delhi, Gurgaon, Noida, Mumbai, and Nagpur in connection with a bank fraud case of more than ₹20,000 crore, people aware of the development said.
ED launched a probe on the basis of a First Information Report (FIR) registered against one of the group entities, ACIL Ltd, on the directions of the Supreme Court that had ordered a probe into the alleged fraud.
It is further alleged that listed companies’ shares were rigged, assets worth thousands of crores have been parked in shell companies’ names, and a number of foreign assets have been created.
