The Delhi High Court on Tuesday allegedly dismissed a bail petition of businessman Arvind Dham, accused in the money laundering case related to bank fraud worth thousands of crores. Justice Ravinder Dudeja dismissed the petition after hearing the arguments of the Enforcement Directorate (ED) and the lawyer of the accused. A detailed order is yet to be uploaded by the court. Earlier, the High Court refused to give Dham interim bail. He has been in custody since July 2024. The Enforcement Directorate (ED) has alleged that there are several thousand crore rupees earned from the crime.
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Senior advocate Vikas Pahwa had argued that Dham should be given interim bail. He has been in custody since July 2024. He has suffered many diseases before. Special advocate Zoheb Hussain opposed the arguments given by the accused. Special Public Prosecutor (SPP) Manish Jain, along with Snehal Sharda, appeared on behalf of the ED. Dham was arrested by ED in July 2024 in a money laundering case related to alleged bank fraud. Earlier, the CBI had registered a case against the MTech group. He is accused of bank fraud worth about Rs 20,000 crore.
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On June 20, 2024, the Enforcement Directorate (ED) searched 35 places in Delhi, NCR and Maharashtra against the MTech group in several listed companies in a large bank fraud case of more than Rs 20,000 crore, which were eventually acquired at a minor price in NCLT proceedings, leaving the banks with a minor recovery. The MTech group led by Arvind Dham, Gautam Malhotra and others were raided in Delhi, Gurugram, Noida, Mumbai and Nagpur under the Money Prevention Act (PMLA).