ED attaches assets worth ₹588 crore in Amtek Auto bank fraud case; total attachments cross ₹6,200 crore

The Directorate of Enforcement (ED), Gurugram Zonal Office, has provisionally attached movable and immovable assets worth ₹588.57 crore under the Prevention of Money Laundering Act (PMLA), 2002, in the ongoing bank fraud investigation involving Amtek Auto Limited and its group companies.

The attachment, ordered on July 10, covers immovable properties including 28 acres of land at Hundewala, Ratuali and Kansapur in Yamuna Nagar, and 67.5 acres in Kot and Khangesara villages of Panchkula, Haryana, as well as various properties in the Delhi-NCR region. In addition, the ED has attached fixed deposits worth ₹8.70 crore and shares valued at ₹14.6 crore. Assets linked to suspicious transactions involving Realtech Construction, owned by Pankaj Dayal, were also brought under the attachment. These include third-party assets like shares of Pitti Engineering Ltd and demat balances tied to proceeds of crime from the Amtek Group’s real estate verticals.

This is the third major attachment in the case. Earlier, the ED had provisionally attached assets worth ₹5,115.31 crore on September 5, 2024, and ₹557.49 crore on March 26, 2025. The first attachment was later confirmed by the PMLA Adjudicating Authority. With the latest action, the total attachment under the case now stands at ₹6,261.37 crore.

The ED had launched its probe following directions from the Supreme Court on February 27, 2024, during a hearing on a PIL against Amtek Auto group companies. The investigation stems from FIRs filed by the CBI based on complaints by IDBI Bank and Bank of Maharashtra, alleging illegal diversion of bank loans and wrongful loss to the lenders. The CBI also registered another FIR against Arvind Dham and other ex-directors of Amtek Auto on April 29, 2025. The ED has conducted searches at over 40 locations, arrested group promoter Arvind Dham, and filed a prosecution complaint on September 6, 2024. Further investigations are underway.

Amtek Auto: Insolvency background

Amtek Auto Limited, once a major auto components manufacturer, entered the insolvency process under the Insolvency and Bankruptcy Code (IBC) in July 2017 after defaulting on debts exceeding ₹12,000 crore. The company was one of the initial “dirty dozen” — the first 12 large accounts identified by the RBI for resolution under IBC.

The resolution process for Amtek Auto was long and contentious. Liberty House was initially selected as the winning bidder in 2018 but failed to honour its commitments. This led to extended litigation and delays, pushing Amtek Auto towards liquidation. However, in 2020, Deccan Value Investors (DVI) finally secured approval for its resolution plan, offering around ₹2,700 crore against admitted claims exceeding ₹12,600 crore — translating into significant haircuts for lenders.

Despite the approved plan, implementation faced multiple hurdles, and operational issues led to further uncertainty. Parallel insolvency proceedings also ran against several Amtek Group entities, including Castex Technologies, Metalyst Forgings, and others, due to intertwined guarantees and exposures.

The ED’s current attachments largely relate to transactions identified during the insolvency process and subsequent forensic audits, which highlighted massive fund diversions and suspected siphoning by the promoters and key executives of the group.

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