The Enforcement Directorate (ED) on Wednesday carried out extensive searches at 35 locations across Delhi-NCR and Maharashtra as part of an investigation into a significant bank fraud case involving the Amtek Group. This was in relation to a bank fraud case involving over Rs 20,000 crores in multiple listed companies that were ultimately taken over in an NCLT proceeding at a nominal price, leaving a consortium of banks with a nominal recovery. These companies were ultimately acquired through National Company Law Tribunal (NCLT) proceedings at minimal prices, resulting in a negligible recovery for the consortium of banks involved.
