According to sources, the Amtek Auto group’s alleged financial misdeeds involve securing loans from public sector banks using falsified documentation and subsequently creating fictitious assets to mask fund diversions. These operations allegedly led to substantial losses for banks, with officials indicating that financial irregularities span years and involve over 500 shell companies linked to the group. A major focus of the ED’s recent efforts has been tracing the flow of money and identifying assets acquired using these diverted funds, which include high-value real estate and shares held in both listed and unlisted firms.
ED authorities revealed that the asset seizure spans across key regions including Delhi, Maharashtra, Punjab, and Haryana. Among the most notable confiscations are extensive land holdings, commercial estates, and premium residential properties. In particular, several large plots and commercial spaces in prominent areas in the National Capital Region (NCR) have been listed in the seizure orders. Additionally, shares worth over Rs 2,300 crore and debentures valued at Rs 87 crore were included in the ED's attachment, representing investments tied to Amtek Auto’s complex corporate network.