{"id":316539,"date":"2024-03-08T18:30:32","date_gmt":"2024-03-08T13:00:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=316539"},"modified":"2024-03-20T14:43:30","modified_gmt":"2024-03-20T09:13:30","slug":"supreme-court-hands-over-investigation-sfio-ed-money-laundering-case-against-former-promoters-amtek-auto","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/08\/supreme-court-hands-over-investigation-sfio-ed-money-laundering-case-against-former-promoters-amtek-auto\/","title":{"rendered":"Supreme Court directs ED to conduct exhaustive investigation in money laundering case against Amtek Auto\u2019s former promoters"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Supreme Court:<\/span> In a writ petition seeking an investigation against the promoters, directors, beneficiaries and key-managerial personnel and shell entities of auto parts maker Amtek Auto Limited Group (&#8216;Amtek Auto&#8217;) , the division bench of BR Gavai and <span style=\"font-weight: bold;\">Sandeep Mehta*<\/span>, JJ. has directed Directorate of Enforcement(&#8216;ED&#8217;) to investigate against former promoters of Amtek Auto for allegedly siphoning over Rs. 20,000 crores obtained from public banks, after observing that there appeared to be <span style=\"font-style: italic;\">prima facie<\/span> material to indicate collusion in the scam by bank officials. The Court has asked ED to file a status report before the next date of the hearing, that is after six months.<\/p>\n<p style=\"margin-bottom: 3%;\">In this case, the petitioner has raised an important issue regarding the failure of the agencies concerned to address the humongous fraud allegedly committed by Amtek Auto and its associate companies in its banking related transactions, debt obligations, etc.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court said that during the hearing it was informed that one of the journalists who was investigating the matter and was trying to reach at the bottom of the matter, was being followed by certain unknown elements\/persons. Thus, it directed the office of the Attorney General to take measures for ensuring the personal safety of the said person and his family.<\/p>\n<p style=\"margin-bottom: 3%;\">In this case, it was alleged that Amtek Auto Limited Group has siphon off more than Rs 20,000 crores of funds, taken from 27 public and private Banks in India. Amtek became insolvent in 2017. In 2018, the National Company Law Tribunal approved the resolution plan submitted for Amtek Auto by Liberty House, which was settled with 80% haircut for Deccan Value Investors in November 2021. A Forensic Audit Report by Ernst and Young indicated siphoning off over Rs 12,000 crores by Amtek. Hence, a PIL was filed in the Supreme Court based on this Report.<\/p>\n<p style=\"margin-bottom: 3%;\">In 2022, the Supreme Court had issued notice and directed Central Bureau of Investigation(&#8216;CBI&#8217;) and Serious Fraud Investigation Office (&#8216;SFIO&#8217;) to file their Status Reports, and the SFIO in their Affidavit before the Court, confirmed the aspersion raised in the Report and went on to reveal that the amount of siphoning is greater than Rs 20,000 crores.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court noted that large number of banks\/Public sector undertakings have closed the loan accounts by accepting mere 20 percent repayment. Doubts have also been cast on the role of the accounting firm owing to Resolution Professional being its erstwhile employee.<\/p>\n<p style=\"margin-bottom: 3%;\">After perusing the SFIO report, the Court noted that Amtek group has created a web of more than 500 companies. Dummy directors have been appointed in the related entities. Misrepresentation has been made in books. There has been diversion and siphoning of loans through related and controlled entities by various modes.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court noted that <span style=\"font-style: italic;\">prima-facie<\/span> the evidence collected thus far has indicated that the funds of Companies Under Investigation were diverted in land deals and real estate projects, etc. Undue benefits have been given to the family members and close relatives of the directors.<\/p>\n<p style=\"margin-bottom: 3%;\">The Bench said that the possibility of large-scale money laundering having taken place in relation to public monies procured from the Public Sector Banks cannot be ruled out and is rather imminent.<\/p>\n<p style=\"margin-bottom: 3%;\">The Court directed an exhaustive investigation of the issues pertaining to huge banking fraud which may run into Rs. 27,000 crores of public money to be conducted by the ED. Further, it requested the ASG to issue necessary directions to the ED for compliance of this order.<\/p>\n<p style=\"margin-bottom: 3%;\">Further, it directed that the investigation\/enquiry being carried out by the SFIO and the CBI to continue and will not be prejudiced by this order. Both agencies were directed to fully cooperate with and complement the ED in collecting evidence. The SFIO and CBI have also been directed to provide copies of the Enquiry Reports submitted to the Amicus Curiae and the Petitioner&#8217;s Counsel.<\/p>\n<p style=\"margin-bottom: 3%;\">The matter will be renotified after 6 months for receiving status report from the ED. Further, it will next be taken up on 02-09-2024<\/p>\n<p><!--\n\n<p style=\"margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\">Jaskaran Singh Chawla v. Union of India, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/lvBf95pQ\" target=\"_blank\" rel=\"noopener\">2024 SCC OnLine SC 255<\/a>, Order dated 27-02-2024<\/span>]<\/p>\n\n\n\n\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">Judgment Authored By: Justice Sandeep Mehta*<\/span><\/strong><\/p>\n\n\n[embed]https:\/\/www.scconline.com\/blog\/post\/2023\/11\/14\/know-thy-newly-appointed-supreme-court-judge-justice-sandeep-mehta\/[\/embed]\n\n\n<hr\/>\n\n\n\n\n<p>Advocates who appeared in this case :<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">Amicus Curiae:<\/span> Senior Advocate Kavin Gulati<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For Petitioner:<\/span> Advocate Jai Anant Dehadrai<\/p>\n\n\n\n\n<p style=\"margin-left: 18pt;\"><span style=\"font-weight: bold;\">For Respondent:<\/span> Additional Solicitor General SV Raju<\/p>\n\n--><\/p>\n<div style=\"text-overflow: ellipsis; background-color: #92A8D1; text-align:justify; clear:both; text-size-adjust: auto; overflow: auto;\">\n<p style=\"font-size: 18pt; margin-top: 5px; text-align: center;\">CASE DETAILS<\/p>\n<table width=\"100%\" style=\"word-wrap: break-word; border-collapse:collapse; table-layout: fixed; margin-top: 10px;\">\n<colgroup>\n<col width=\"41%\"\/>\n<col width=\"59%\"\/>\n<\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\"><p\"><span style=\"color: #D4E4F7;\"><b>Citation:<\/b><\/span><br \/> <span style=\"color: #D4E4F7; font-size: 10pt;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/lvBf95pQ\" target=\"_blank\" rel=\"noopener\">2024 SCC OnLine SC 255<\/a><\/span><\/p>\n<p\"><span style=\"color: #D4E4F7;\"><b>Appellants&#160;:<\/b><\/span><br \/> Jaskaran Singh Chawla<\/p>\n<p\"><span style=\"color: #D4E4F7;\"><b>Respondents&#160;:<\/b><\/span><br \/> Union of India<\/p>\n<\/td>\n<td valign=\"top\">\n<p><span style=\"color: #D4E4F7;\"><b>Advocates who appeared in this case<\/b><\/span><\/p>\n<p><span style=\"color: #D4E4F7;\"><b>Amicus Curiae:<\/b><\/span><br \/> Senior Advocate Kavin Gulati<\/p>\n<p><span style=\"color: #D4E4F7;\"><b>For Petitioner:<\/b><\/span><br \/> Advocate Jai Anant Dehadrai<\/p>\n<p><span style=\"color: #D4E4F7;\"><b>For Respondent:<\/b><\/span><br \/> Additional Solicitor General SV Raju<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12pt; margin-top: -20px; margin-left: 5px;\"><span style=\"color: #D4E4F7;\"><b>CORAM&#160;:<\/b><\/span><\/p>\n<div id=\"banner\" style=\"overflow: hidden; display: flex; justify-content: space-between; padding-left: 3%;\">\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p><a><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2021\/09\/17.-Gavai-modified.png\" alt=\"BR Gavai\" style=\"border-radius: 50%;\"><br \/><span style=\"color: black !important;\">BR Gavai, J.<\/span><\/a><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%; font-size: 9pt; text-align: center;\">\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/11\/14\/know-thy-newly-appointed-supreme-court-judge-justice-sandeep-mehta\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" height=\"100px\" width=\"100px\" src=\"https:\/\/www.scobserver.in\/wp-content\/uploads\/2023\/11\/Sandeep-Mehta-1.jpg\" alt=\"Sandeep Mehta\" style=\"border-radius: 50%; border:2px solid #FF5733; padding: 1px;\"><br \/><b>Sandeep Mehta, J.<\/b><\/a><\/p>\n<\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<div class=\"\" style=\"max-width: 100%; max-height: 100%;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">In 2018, the National Company Law Tribunal approved the resolution plan submitted for Amtek Auto by Liberty House, which was settled with 80% haircut for Deccan Value Investors in November 2021<\/p>\n","protected":false},"author":67512,"featured_media":316549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[65826,10481,34698,65828,45056,19261,3539,34084,32186,65827,5581,56622,56621,5363],"class_list":["post-316539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-amtek-auto","tag-cbi","tag-central-bureau-of-investigation","tag-deccan-value-investors","tag-directorate-of-enforcement","tag-money-laundering","tag-National_Company_Law_Tribunal","tag-pmla","tag-promoters","tag-public-bank","tag-scam","tag-serious-fraud-investigation-office","tag-sfio","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supreme Court 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High Court dismisses Amtek Group promoter\u2019s petition to quash his arrest and remand orders in money laundering case","author":"Arushi","date":"December 4, 2024","format":false,"excerpt":"It is not the petitioner\u2019s case that he was not supplied with the grounds of arrest at the time of the arrest and prior to the remand being sought. The remand application was detailed, and contained, effectively the same set of facts as were stated in the grounds of arrest.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Delhi High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":258230,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/08\/any-deviation-would-defeat-the-object-and-purpose-of-providing-such-time-limit-under-ibc-supreme-court-directs-to-speed-up-insolvency-process-of-amtek-auto\/","url_meta":{"origin":316539,"position":1},"title":"\u201cAny deviation would defeat the object and purpose of providing such time limit under IBC\u201d; Supreme Court directs to speed up insolvency process of Amtek Auto \u00a0","author":"Editor","date":"December 8, 2021","format":false,"excerpt":"Supreme Court: The Division Bench of M.R. Shah* and Sanjiv Khanna, JJ., directed to speed up the insolvency resolution process of Amtek Auto Ltd., one of the largest integrated automotive component manufacturers in India. Pointing at the long litigation delay, the Bench stated that any further delay would defeat the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":357343,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/22\/dhc-denies-bail-to-arvind-dham-in-bank-fraud-case\/","url_meta":{"origin":316539,"position":2},"title":"Delhi High Court denies bail to former promoter of Amtek Group Arvind Dham in approx. 27000 crore bank fraud case","author":"Editor","date":"August 22, 2025","format":false,"excerpt":"The magnitude of the alleged fraud is staggering and has caused colossal losses to public sector banks. Such offences, if proved, undermine the very foundation of the nation\u2019s financial system.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Arvind Dham in bank fraud case","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Arvind-Dham-in-bank-fraud-case.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Arvind-Dham-in-bank-fraud-case.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Arvind-Dham-in-bank-fraud-case.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Arvind-Dham-in-bank-fraud-case.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":292071,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/13\/operational-creditor-be-paid-equivalent-amount-under-sec-53-ibc-in-liquidation-of-corporate-debtor-legal-news\/","url_meta":{"origin":316539,"position":3},"title":"Operational Creditors must be paid equivalent amount as per Section 53 of the IBC in case of liquidation of Corporate Debtor: SC","author":"Editor","date":"May 13, 2023","format":false,"excerpt":"The Court said that Vistra ITCL (India) Ltd. would be treated as a secured creditor in terms of Section 52 and 53 of the IBC, and would be entitled to retain the security interest in the pledged shares.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"payment to operational creditors under ibc","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/payment-to-operational-creditors-under-ibc.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/payment-to-operational-creditors-under-ibc.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/payment-to-operational-creditors-under-ibc.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/payment-to-operational-creditors-under-ibc.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":338845,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/01\/11\/justice-sandeep-mehta-know-thy-judge-supreme-court-legal-news\/","url_meta":{"origin":316539,"position":4},"title":"Know Thy Judge | Supreme Court of India: Justice Sandeep Mehta","author":"Sucheta","date":"January 11, 2025","format":false,"excerpt":"Justice Sandeep Mehta, formerly the Chief Justice of Gauhati High Court, took oath of office as Judge of Supreme Court of India on 9-11-2023 and will be retiring on 10-01-2028.","rel":"","context":"In &quot;Know thy Judge&quot;","block_context":{"text":"Know thy Judge","link":"https:\/\/www.scconline.com\/blog\/post\/category\/judges-information\/"},"img":{"alt_text":"Justice Sandeep Mehta","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/01\/shared-image-84.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/01\/shared-image-84.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/01\/shared-image-84.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/01\/shared-image-84.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":219177,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/05\/inx-media-case-no-anticipatory-bail-to-chidambaram-in-ed-probe\/","url_meta":{"origin":316539,"position":5},"title":"INX Media Case| No anticipatory bail to Chidambaram in ED probe [Full Report]","author":"Prachi Bhardwaj","date":"September 5, 2019","format":false,"excerpt":"Supreme Court: In a major blow to Senior Congress leader P Chidambaram, the Court has rejected his plea against the Delhi High Court order rejecting his anticipatory bail plea in the INX Media case being probed by Enforcement Directorate (ED). The bench of R Banumathi and AR Bopanna, JJ said,\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/316539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67512"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=316539"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/316539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/316549"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=316539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=316539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=316539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}