Supreme Court grants bail to Arvind Dham in Amtek Group fraud case

On Tuesday, the Supreme Court approved bail for Arvind Dham, former chairperson of Amtek Group, in a money laundering case tied to allegations of a ₹27,000 crore bank fraud
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PTI

The Supreme Court approved bail for Arvind Dham, former chairman of Amtek Group, in a money laundering investigation connected to a ₹27,000 crore bank fraud.

A judicial bench including Justices Sanjay Kumar and Alok Aradhe overturned a Delhi High Court decision that had rejected his bail plea.

Justice Aradhe, presiding in a bench led by Justice PS Narasimha, announced the ruling, stating the appeal had been accepted.

Earlier, the Delhi High Court declined bail to Dham on August 19 last year, expressing concerns that premature release might compromise accountability measures.

High Court order

“Economic crimes like money laundering present escalating risks to national financial stability amid technological progress and AI advancements. Such offenses require intensive scrutiny due to convoluted transactional networks and numerous participants,” the High Court observed.

It emphasized that rigorous investigation ensures equitable treatment, shielding innocent parties while holding perpetrators accountable.

“This case’s complexity—marked by numerous transactions and tiered corporate frameworks—will inevitably prolong judicial proceedings,” the court noted.

While economic offenses generally demand strict bail considerations, the High Court clarified exceptions exist. However, it stressed that “mass-scale misappropriation of public funds elevates offense severity to paramount importance.”

Such crimes erode banking sector stability and public trust, adversely impacting depositors. Overly lenient bail decisions risk undermining judicial integrity. Current custody remains imperative to safeguard both trial integrity and societal confidence,” the order concluded.

ED investigation

The Enforcement Directorate previously seized assets exceeding ₹550 crore from Amtek Group entities—a bankrupt automotive parts manufacturer—under anti-money laundering laws.

Action targeted Amtek Auto Limited, ARG Limited, ACIL Limited, Metalyst Forging Limited, Castex Technologies Limited, and promoter Arvind Dham, among others.

Earlier in September 2024, authorities attached properties valued at ₹5,115.31 crore.

This investigation originated from Supreme Court directives on February 27, 2024, under PMLA guidelines.

Following his July 2024 arrest by the agency, Dham faced formal charges in September 2024.

Investigators discovered group companies entered insolvency proceedings, resulting in banks absorbing losses exceeding 80% of loan values—classified as “substantial” public sector financial damage.

The agency alleged corporate financial records were “fraudulently altered” to secure illegitimate loans and fabricate asset valuations.

Attached properties include 145 acres of land in Rajasthan and Punjab, Delhi-NCR real estate valued at ₹342 crore collectively, and financial instruments worth ₹112.5 crore.

All confiscated Amtek holdings represent “direct crime proceeds” controlled via companies linked to Dham, alongside assets held by banking institutions that authorized loans, according to investigators.

Published on January 6, 2026