The Supreme Court has been apprised by the Central Bureau of Investigation (CBI) about the former promoters/directors of Amtek Auto Ltd, who the IDBI Bank has declared as fraud.
The former promoters/directors of Amtek Auto Ltd have been charged of siphoning over Rs 12,000 crores in the name of loans from different banks.
So far, the only relief is that the bank, has not declared the company a fraud.
The affidavit was filed by the CBI after Supreme Court had issued a notice in this regard in September under a bench which was led by Chief Justice of India UU Lalit
The petitioner, had requested the court for an investigation against Amtek Auto’s erstwhile promoters, beneficiaries, directors, benamidars and bankers.
About 19 banks were visited by the CBI stated which claimed to have
CBI asked the banks to declare Amtek’s account as fraud and for filing complaints with the central probe agency in case the firm’s account is declared as fraud.
Around 5 banks namely IDBI Bank, Bank of Maharashtra, PNB, SBI and IFCI Ltd–responded. Out if these 5 banks, only IDBI declared the account as fraud.
In the affidavit of CBI, there is amention of IDBI which would soon be filing complaint against former promoter /directors of the company.
The Company has not been declared fraud so far as Amtek Auto Ltd which has been resolved under Insolvency and Bankruptcy Code and Deccan Value Investor has implemented the Resolution Plan and taken over the management of Amtek Auto Ltd.
The CBI has now asked IDBI Bank to revert with essential facts in its complaint for the probe agency to be able to register an FIR.
The CBI has acted on information which talks of how the fradulent practice was put to use siphoning crores of Rupees by routing them through different people.
CBI is currently working on the the needed details which would make the case strong and then take appropriate action.