Delhi High Court denies bail to former Amtek Group chairperson Arvind Dham in ₹2,700 cr. bank fraud case

The Delhi High Court on Tuesday rejected the bail plea of former Amtek Group promoter Arvind Dham in the money laundering case involving bank fraud of nearly ₹2,700 crore [Arvind Dham v Directorate of Enforcement].

Justice Ravinder Dudeja observed that in economic offences of this magnitude, the larger societal interest assumes significance over individual liberty and granting bail to Dham at this juncture would risk compromising both the trial and public confidence in the justice system.

"While the applicant may be ailing, adequate medical care can be provided in custody under judicial supervision. The trial is at a nascent stage, and the statutory conditions under Section 45 of the PMLA are not satisfied. On a cumulative assessment of all factors, this Court finds no ground to grant bail. The application is accordingly dismissed," the Court ordered.

Dham, considered the 'controlling mind' of the Amtek Group, has been accused by the Enforcement Directorate (ED) of orchestrating the diversion of loan funds through a complex web of more than 500 shell companies.

It is alleged that the group overstated fixed assets, falsified accounts and siphoned off loans availed from a consortium of banks.

The ED has claimed that immovable assets worth over ₹5,000 crore were concealed, while proceeds were routed through benami firms and investments.

Senior Advocate Vikas Pahwa, appearing for Dham argued that his client is 64 years old and is suffering from multiple ailments.

Pahwa said that Dham has already spent over a year in custody, and the slow progress of the trial and Dham’s health entitled him to bail under the legal proviso for “sick and infirm” accused.

However, the Court rejected the argument and denied bail.

Senior Advocate Vikas Pahwa along with advocates Sumer Singh Boparai, Shambhu K Thakur, Ayush Puri, Abhihsek Singh, Sirhaan Seth, Sidhant Saraswat, Surya Pratap Singh, Abhilash Kumar Pathak, Talib Mustafa, Khanav Madnani and Sanskriti S Gupta appeared for Arvind Dham.

ED was represented by Special Counsel Zoheb Hossain and Manish Jain, Panel Counsel Vivek Gurnani as well as advocates Kartik Sabharwal, Pranjal Tripathi and Rakesh Jourawal.

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