⚖️ ED Attachment Under PMLA: ₹557 Crore More Seized in Amtek Case
In a major development on March 26, 2025, the Enforcement Directorate (ED) pro
visionally attached movable and immovable properties worth ₹557.49 crore under the Prevention of Money Laundering Act (PMLA), 2002, as part of its ongoing probe into alleged financial irregularities involving Amtek Group companies and their promoter Arvind Dham.
This attachment adds to the previously attached assets worth ₹5,115.31 crore (attached on September 5, 2024)—bringing the total value of attached assets in the case to over ₹5,672 crore.
🏢 Entities Involved in the ED Action
The recent attachment pertains to the following group entities and individuals:
- M/s Amtek Auto Limited
- M/s ARG Limited
- M/s ACIL Limited
- M/s Metalyst Forging Limited
- M/s Castex Technologies Limited
- Arvind Dham, Promoter, Amtek Group
- Other associated individuals/entities
These companies were reportedly involved in loan defaults, fund diversion, and round-tripping, leading to money laundering investigations by the ED.
🔍 Legal Basis: What Is a Provisional Attachment Under PMLA?
Under Section 5 of the PMLA, the ED can provisionally attach properties that are suspected to be proceeds of crime, pending adjudication.
In this case:
- The PMLA Adjudicating Authority has already confirmed the earlier attachment (₹5,115.31 Cr).
- The latest attachment (₹557.49 Cr) is provisional, awaiting confirmation.
🔎 Implications for Stakeholders
- Creditors: May have to wait longer for recovery due to the freeze on assets.
- Banks/NBFCs: Likely to pursue parallel proceedings under IBC or SARFAESI.
- Investors: Should stay cautious when investing in group-linked securities or NCLT-bound companies.
- Auditors and Professionals: Need to ensure thorough due diligence in corporate reporting and transactions.
✅ Final Word: PMLA Enforcement Tightens on Corporate Fraud
With over ₹5,600 crore in attachments linked to the Amtek Group, the ED’s latest action is a clear signal of increased enforcement under PMLA, 2002. Professionals, promoters, and investors alike must ensure full financial transparency and compliance—especially when dealing with large conglomerates under scrutiny.