Justice Ravinder Dudeja dismissed Dham's common bail software, discovering no ample floor to grant the reduction.
The Supreme Courtroom in April denied interim bail to Dham within the matter.
Earlier, ED provisionally hooked up recent belongings value over Rs 550 crore of Amtek Group companies, an bancrupt automotive tools manufacturing firm, underneath the anti-money-laundering legislation.
Motion was taken towards Amtek Auto Restricted, ARG Restricted, ACIL restricted, Metalyst Forging Restricted, Castex Applied sciences Restricted and Amtek Group promoter Arvind Dham, aside from some others, the ED stated.
Properties value Rs 5,115.31 crore have been hooked up by the company within the case in September final. The ED probe started underneath the Prevention of Cash Laundering Act (PMLA) on the instructions of the Supreme Courtroom on February 27, 2024. Dham was arrested the company in July final 12 months and chargesheeted in September later that 12 months. “There have been FIRs registered by the CBI arising from the complaints by IDBI Financial institution and Financial institution of Maharashtra underneath varied sections of IPC and Prevention of Corruption Act on allegations of illegally diverting financial institution loans by inflicting wrongful loss to the banks,” the ED stated.
The probe discovered the above-mentioned firms, together with different group issues, have been taken to insolvency, whose decision led to a haircut of greater than 80 per cent for the banks, inflicting “substantial” losses to those public sector monetary establishments.
The monetary statements of group firms have been “deceitfully manipulated” to acquire extra fraudulent loans and create bogus belongings and investments in books of accounts, the company alleged.
The provisionally-attached belongings embody 145 acre of land in Rajasthan and Punjab, some properties in Delhi-NCR valued in complete at Rs 342 crore, aside from fastened deposits and financial institution balances value Rs 112.5 crore.
All of the Amtek belongings are recognized as “direct proceeds of crime” and held by means of a number of firms beneficially owned by Dham and belongings of Amtek firms held by bankers who sanctioned the loans, in response to the ED. PTI
