The ED says an Amtek group company trapped foreign investors by forcing Foreign Currency Convertible Bond holders to convert into equity at artificially rigged prices. The agency claims the manipulation was enabled through siphoned loan funds, effectively steering conversions to benefit insiders while leaving investors exposed. Authorities are treating the episode as a major alleged fraud linked to INR 1000 crore-scale wrongdoing.
A new corporate governance allegation claims that money siphoned from Amtek group loans was used to buy multiple properties in Delhi NCR. Prosecutors say these homes and flats, valued at over INR 30 crore, were then allegedly transferred to former managing director RM Malla and his family for little or no consideration, raising questions about IDBI’s role.
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