ED arrests company promoter in Rs 25,000 cr bank loan fraud

The Enforcement Directorate on Thursday said it has arrested the director of an insolvent automotive equipment manufacturing company as part of a money laundering probe linked to an alleged Rs 25,000-crore bank loan fraud case.

Arvind Dham, the promoter and one of the directors of the Amtek Group, was taken into custody on Tuesday (July 9), it said in a statement.

A special Prevention of Money Laundering Act (PMLA) court in Delhi sent him to seven days Enforcement Directorate (ED) custody after he was produced before it on Wednesday.