Supreme Court Grants Bail to Amtek Group Promoter in alleged ₹673 Crore Bank Fraud Case under PMLA [Read Order]

The Supreme Court has granted bail to Arvind Dham, former promoter and non-executive Chairman of the Amtek Group, in a money laundering case linked to an alleged Rs. 673 crore bank fraud under the Prevention of Money Laundering Act (PMLA).

The case came before the Supreme Court after the Delhi High Court, on 19 August 2025, rejected Dham’s request for regular bail. Dham had approached the High Court under the Bharatiya Nagarik Suraksha Sanhita and the PMLA. After the High Court refused bail, he moved to the Supreme Court.

The allegations against Dham are based on FIRs filed by IDBI Bank and Bank of Maharashtra. The banks accused several persons, including Dham, of cheating, breach of trust, forgery, and criminal conspiracy in connection with bank loans worth about Rs. 673.35 crore.

Based on these FIRs, the Enforcement Directorate (ED) registered money laundering cases and claimed that Dham was the main beneficiary of the alleged fraud carried out through companies of the Amtek Group.

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Before the Supreme Court, Dham’s lawyers argued that he had been in jail since 9 July 2024 and had spent nearly 17 months in custody. They argued that the investigation against him was already complete, that the evidence was mainly documentary, and that although many people were accused in the case, only Dham had been arrested.

They also argued that the trial had not started, cognizance had not been taken, and there was no chance of the trial beginning soon. According to them, this violated Dham’s right to personal liberty and speedy trial under Article 21 of the Indian Constitution.

The ED opposed the bail plea. It argued that the case involved a serious economic offence and that the strict bail conditions under the PMLA were not satisfied. The ED also argued that long custody alone cannot be a reason for bail, especially when there are allegations of influencing witnesses and misuse of proceeds of crime.

A bench comprising Justices Sanjay Kumar and Alok Aradhe observed that the right to a speedy trial applies to all cases, regardless of the seriousness of the offence. The court observed that keeping an accused in jail for a long time without progress in the trial cannot turn into a form of punishment. The court explained that even under special laws like the PMLA, a person cannot be kept in jail indefinitely when the maximum punishment is seven years.

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The court observed that Dham had cooperated with the investigation and that the ED itself had stated that the investigation against him was complete. The court also observed that there was no strong material to show that Dham had influenced witnesses or sold attached properties. The court further observed that much of the delay in the trial was due to proceedings started by the ED, which had stalled the trial for several months.

Taking into account that cognizance had not yet been taken, more than 200 witnesses were listed, and the trial was unlikely to begin soon, the Supreme Court held that continuing to keep Dham in jail would violate his fundamental rights under Article 21 of the Indian Constitution.

The Supreme Court set aside the Delhi High Court’s order and granted bail to Arvind Dham in the money laundering cases linked to the alleged Rs. 673 crore bank fraud. The court directed that the trial court will fix the bail conditions, including surrender of passport and restrictions on travelling outside India.

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