ED Opposes Arvind Dham’s Bail in Rs 2,700 Crore Bank Fraud Case Before Delhi HC
The Enforcement Directorate (ED) on Tuesday, July 15, 2025, opposed the bail plea of Arvind Dham, former Chairman of the Amtek Group, who was arrested by the agency in July 2024 for his alleged involvement in an INR 2,700 crore bank fraud case.
Special Counsel Zoheb Hossain, appearing for the Enforcement Directorate, made his submissions before a bench led by Justice Ravinder Dudeja.
“This is a fraud of a magnitude among the largest India has seen. My Lords may kindly note the number of accused and witnesses involved. They are selling assets and threatening witnesses,” the ED submitted before the Court.
Special Counsel Zoheb Hossain went on to argue that the laundering of money is ongoing. He added that their investigation has revealed that if Dham is released, he will systematically siphon off the proceeds of crime that he has concealed.
"The deterrent effect will be completely diluted if, in a fraud of this magnitude, a person is released merely by citing delay in trial," he said.
Opposing the submission, Senior Advocate Vikas Pahwa, appearing for Arvind Dham, said, “Supreme Court judgments emphasise speedy trial. Where is the question of a speedy trial here? You want the accused to remain in jail and start the trial at your whims and fancies.”
He added that the twin conditions under PMLA cannot override the mandate under Article 21 of the Constitution.
Taking note of the submissions of both parties, Justice Dudeja said, “Orders reserved. However, both parties are at liberty to file written submissions, not exceeding three pages, within the next three days.”
On May 30, the Delhi High Court had refused to grant interim bail to Arvind Dham, the former Chairman of the Amtek Group, who was arrested by the Enforcement Directorate (ED) in July 2024 for his alleged involvement in an INR 2,700 crore bank fraud case. Justice Ravinder Dudeja had denied the relief to Dham after taking note of the serious allegations against him. However, the bench, in order to deal with the matter expeditiously, listed it for hearing on July 15.
Appearing for Arvind Dham, Senior Advocate Vikas Pahwa argued before the Court that Dham should be granted interim bail during the pendency of his plea.
Pahwa added that Dham has been in custody for 11 months and is suffering from medical ailments. On the other hand, ED, represented by Special Counsel Zoheb Hossain, opposed the submissions. It is ED's case that the proceeds of crime run into several thousand crores.
The instant case dates back to December 2022, when IDBI Bank and Bank of Maharashtra filed complaints against Amtek Group companies, which eventually led to the registration of FIRs by the CBI.
The top court later asked the ED to probe possible money laundering under the PMLA while dealing with a PIL that alleged financial irregularities.
The ED then initiated its investigation based on FIRs filed by the CBI in connection with the alleged Rs 20,000 crore bank fraud involving the Amtek Group.
Subsequently, raids were conducted at as many as 35 locations across Delhi, NCR, and Maharashtra, and in July 2024, Arvind Dham was taken into custody.
Case Title: Arvind Dham v ED