In light of the accusations against him, the Delhi High Court on Friday denied Arvind Dham temporary bail in a money laundering case. His arrest dates back to July 2024. Since February 2025, the High Court has been considering his regular bail.

According to the Enforcement Directorate (ED), there are several thousand crores in criminal revenues. Given the gravity of the accusations made against him, Justice Ravinder Dudeja declined to grant him temporary release.

Nonetheless, the court has scheduled the bail hearing on July 15 and accelerated it.

Senior attorney Vikas Pahwa argued that Dham ought to be given temporary release while his case, which has been ongoing since February 2025, is still pending. He has a medical history and has been detained for the last 11 months.

Zoheb Hossain, the special attorney, disagreed with the accused’s arguments. Snehal Shard and Manish Jain, the special public prosecutor (SPP), represented the ED. He was denied the relief by the bench.

In July 2024, Dham was taken into custody by the ED in connection with a money laundering case involving suspected bank fraud.

The Amtek group has previously been the subject of a case filed by the CBI. There are claims of around Rs. 20,000 crores in bank fraud.

In connection with a massive bank fraud investigation involving over Rs 20,000 crores in many listed firms, the Enforcement Directorate (ED) searched 35 locations in Delhi, the National Capital Region (NCR), and Maharashtra on June 20, 2024, against Amtek Group. A group of banks received a minimal recovery when these businesses were ultimately acquired at a nominal price in an NCLT case.

Under the Prevention of Money Laundering Act (PMLA), raids on the Amtek Group were carried out in Delhi, Gurugram, Noida, Mumbai, and Nagpur. The raids were led by Arvind Dham, Gautam Malhotra, and other individuals.

According to the ED, the suspected scam caused the exchequer to suffer a huge loss of over Rs 10-15 thousand crores.

The ED inquiry began in response to the Supreme Court’s orders to look into the fraud and the Central Bureau of inquiry’s (CBI) First Information Report (FIR) in one of the group companies, ACIL Limited.

Additionally, the ED claimed that its investigation showed that loan monies were embezzled and used for new business operations, international investments, and real estate investments.

The agency claims that in order to get further loans and avoid non-performing assets (NPAs), group companies displayed fake sales, capital assets, debtors, and profits.