Will the SC Hear Arvind Dham's Plea for Interim Bail on Monday?
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Synopsis
The Supreme Court's upcoming decision on Arvind Dham's plea for interim bail raises crucial questions about justice and accountability in the face of serious allegations. As Dham awaits the court's ruling, the implications of this case resonate throughout the financial sector and beyond.
Key Takeaways
- Supreme Court set to hear Arvind Dham's plea on June 15.
- ED opposes interim bail, citing lack of grounds.
- Dham has been in custody for 11 months.
- Investigation involves Rs 27,000 crore in alleged bank fraud.
- ED has provisionally attached assets worth Rs 557.49 crore.
New Delhi, June 15 (NationPress) The Supreme Court is set to hear a plea from Arvind Dham, the promoter of Amtek Group, seeking interim bail related to a money laundering case on Monday.
According to the court's published causelist, a bench comprising Justices Sandeep Mehta and Prasanna B. Varale will review the case on June 16.
Previously, the Delhi High Court had rejected Dham's request for interim bail while his regular bail application was pending.
Dham’s lawyer argued that he has been in custody for 11 months and that his regular bail application has been under review by the Delhi HC since February 2025.
In opposition to the interim bail request, the Enforcement Directorate (ED) asserted that it had not sought any adjournments and found no valid grounds for granting interim bail.
The ED also highlighted the Supreme Court's decision from April 7, which denied extending Dham's interim bail based on medical reasons.
In a ruling on May 30, Justice Ravinder Dudeja noted that the regular bail application had not been resolved due to changes in court rosters and the filing of the interim bail application on medical grounds.
He stated, 'Since the matter is already part-heard on merits, I do not find it proper to grant interim bail to the applicant/accused. However, considering the applicant/accused's liberty, the date is moved up to July 15, 2025.'
The ED commenced its investigation following a Supreme Court order on February 27, 2024, which directed the agency to probe a case of bank fraud involving Amtek Auto Group amounting to Rs 27,000 crore.
The top court expressed concerns about the diversion of public funds, stressing the need for a thorough investigation by the ED, even if the banks involved had settled their accounts.
Multiple FIRs were filed by the CBI based on complaints from IDBI Bank and the Bank of Maharashtra under various sections of the IPC and the Prevention of Corruption Act, 1988, alleging the illegal diversion of bank loans that caused wrongful losses to the banks.
During the investigation, the ED provisionally attached assets worth Rs 557.49 crore under the Prevention of Money Laundering Act (PMLA). The probe uncovered that the financial statements of group companies were fraudulently manipulated to secure additional loans and create fictitious assets in their accounting records. The ED had previously conducted searches at over 40 locations and subsequently arrested Dham, filing a prosecution complaint on September 6, 2024.
Point of View
The upcoming hearing in the Supreme Court regarding Arvind Dham’s plea reflects the delicate balance between individual rights and the need for accountability in financial matters. As the legal proceedings unfold, it is crucial that justice is served while ensuring that the rule of law is upheld. This case serves as a reminder of the ongoing challenges in tackling corporate fraud and the importance of robust regulatory mechanisms.
NationPress
15/06/2025
Frequently Asked Questions
What is the significance of the Supreme Court hearing?
The Supreme Court hearing is crucial as it will decide on Arvind Dham's request for interim bail in a serious money laundering case, impacting the course of the legal proceedings.
How long has Arvind Dham been in custody?
Arvind Dham has been in custody for 11 months while his bail applications are under consideration.
What are the allegations against Amtek Group?
The allegations involve a large-scale money laundering operation related to bank fraud amounting to Rs 27,000 crore.
What is the role of the Enforcement Directorate?
The Enforcement Directorate is investigating the case based on a Supreme Court directive, focusing on potential money laundering activities.
What could be the implications of this case?
The case highlights significant issues regarding corporate accountability and the regulatory framework governing financial institutions in India.
