"Amtek Auto, once one of India’s biggest car component makers, is accused of a Rs 12,000 crore money laundering scam. Arvind Dham’s company which went bankrupt in 2017, has been accused of cheating, fraud and siphoning bank loans. With an investigation ongoing and the case reaching the Supreme Court, host Anirban Chowdhury takes a deep dive with Jyotindra Dubey, Associate Editor (Corporate and Regulatory Affairs) ET Prime and Sangita Mehta, Senior Editor, ET. Credits: Prasar Bharti Archives, Brut India, CNBC TV18, Moneycontrol and ET Now.

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This is an audio transcript of The Morning Brief podcast episode: Dham Scam: Boom, Bankruptcy, Billions Bamboozled


BG 0:01
This is the morning brief from the economic times.

Anirban Chowdhury 0:09
When I was working on today's episode, I got the feeling of a corporate thriller. There is a 12,000 crore rupees money laundering scam, a hot probe by investigative agencies and a court case which is going to get very, very dramatic. Arvind Dham once ran a billion dollar business Amtek auto, one of India's biggest makers of auto parts in the 90s and the next decade, then things changed. His company owed billions of dollars to banks and became one of the first Indian companies to go legally officially bankrupt. And now, Dham and his three decade old company are back in the news, accused of a billion dollar scam. In May this year, a whistleblower filed criminal complaints against Dham and Amtek, with the country's top investigative agency, the CBI, the economic law enforcer enforcement Directorate and the prime minister's office in the complaint, Dham and many of Amtek's senior executives were accused of cheating, fraud, corruption, and of siphoning bank loans. What's more, all of this had been revealed in an audit way back in 2018, but none of it was investigated at all. Meanwhile, Dham himself remains unscathed. He and his family continue to be invested in several businesses, including one of India's most famous coffee chains, barista, my colleague, Jyotindra Dubey who specializes in these investigative stories for ET prime has been digging deep into the allegations since May. And through his reportage in the last few months, he discovered some really staggering details about this case, complex maze of hundreds of hollow companies and on their boards, dummy directors, and through all this hoax money trails that lead nowhere. In this episode, we trace all of this and the very intriguing story of antiques rise and fall. Our guests today are Jyotindra, and my other colleague ET's banking ace Sangeeta Mehta. It's Thursday, the 13th of October. From the economic times. I'm an Anirban Chowdhury, and today we deep dive into Amtek's. 12,000 Crore scam. This is the morning brief. This article which has triggered this episode, Jyotindra sent a detailed set of questions to Amtek group. None of them responded to. Hi, Jyotindra, welcome to the Morning Brief.

Jyotindra Dubey 3:01
Yeah, thanks a lot. Anirban for inviting me here.

Anirban Chowdhury 3:04
So I wanted to ask you if you have covered Amtek before and what attracted you to this story now,

Jyotindra Dubey 3:13
Amtek group has always been in the limelight. So even when it was a flourishing business, and later when it collapsed. So Amtek group was part of the Dirty Dozen, which was biggest 12 empty accounts admitted into insolvency. So I've been tracking Amtek since then. So while I was reporting on Amtek, I spoke with various former employees of Amtek who have been associated with the group for over decades, I got to know some amazing facts about how they were running a parallel network of shell companies. So Amtek group has three or four listed companies, but they also have over 100 twohundreds of shell companies through which they were, you know, siphoning off funds from the main listed companies. So I started digging further and investigated. A lot of these companies identified a potential list of some doubtful companies, which have links with Amtek or erstwhile promoters of the Amtek group. So hundreds of crores are getting moved through these companies, investments are coming in these companies that these companies are further investing their money in other companies and even those companies are shell companies. And when I'm saying shell companies, because they don't have any business operations, they're not generating revenues, not making any profits, they are just there to move these funds.

Anirban Chowdhury 4:41
That was the starting point of Jyotindra's. Reportage, in May. In the course of the next couple of months, he pored over the company's financial documents and spoke to dozens of people about them, what these companies did, how they earned, how they were funded. And who were the people running them What he found out was really strange.

Jyotindra Dubey 5:05
So I started looking into the directors of such companies. Then I started making a list of these directors. And I got the residential addresses through a Registrar of Companies. So one thing, which was like very bizarre was if a company with a paid up capital of 200 Crores there's a director living in Sangam Vihar, which is one of the biggest slum areas of India. So, in north India, I think this is the biggest not a very usual address for a director which is handling the company of 200 crores. So, there was someone living in Sundarpur Village in Noida, Sangam Vihar and these kinds of addresses. I had a list of 30 Doubtful directors with their addresses and I thought I will visit each one of them and see like who they are and what they do.

Anirban Chowdhury 5:56
Wow, you decided to visit 30 directors

Jyotindra Dubey 5:59
Yeah and these offices like split across Delhi NCR from Narayana, in Noida, then Burari like East Delhi, North Delhi, South Delhi, like everywhere, right. So it was a very challenging task, but still, there was no other way to verify if they are dummy directors.

Anirban Chowdhury 6:18
That's amazing. Yeah. In the course of his investigation, Jyotindra drove around the length and breadth of these areas, I say drove, but most often, he parked his car out in the highway and walked across, often four five kilometres of narrow dingy lanes, doing the rounds of houses that were crammed against each other, and that had no existence on Google Maps. In these areas, he was trying to find out the people who were supposed to be board members have companies worth hundreds of crores. The irony of the mismatch was intriguing. Some of these people he tracked down others he reached on the phone on numbers he found from the company records on government websites.

Jyotindra Dubey 7:05
There was a director named Sri Bhagwan Kushwaha. And he was a managing director in a company named Swapna mahal builders. So I called him son I asked him about this company like you are a director in this particular company, what is the business operation of this company? How are you involved? And he was clueless Acha toh app kya karte hain sir

Sri Bhagwan Kushwaha 7:33
Sir mein field boy hoon

Jyotindra Dubey 7:35
Field Boy

Sri Bhagwan Kushwaha 7:40
Haan

Jyotindra Dubey 7:40
Acha Acha

Sri Bhagwan Kushwaha 7:36
Company mein abhi chod chuka hoon

Jyotindra Dubey 7:40
Kaunsi Company mein thein app

Sri Bhagwan Kushwaha 7:41
Ji Amtek ka jo company tha Sir

Jyotindra Dubey 7:43
Acha Acha Tho apko isme idea nahi hain ki app director

Sri Bhagwan Kushwaha 7:47
Ab Sir Man lijiye ek bar kahain diya tho company sign karwa lethi hain ab uske age merako kyo idea hain

Jyotindra Dubey 7:47
Ji Ji bilkul

Sri Bhagwan Kushwaha 7:47
Company mein manlo humein toh idea hi nahi

Jyotindra Dubey 7:53
Tho abhi apne company chod di hain na

Sri Bhagwan Kushwaha 8:00
Han ji

Jyotindra Dubey 8:01
Acha Acha Teekh hain koi dikat nahin hain apke bare mein usme koi problem nahin hain Company ke barein mein jankari cahiye thi Tho koi Hi said I don't know about this company. I haven't heard the name of this company. So I said what are you associated with Amtek group anyhow, so he said Yes, I was working with Amtek. But I've left Amtek left working there. And it's been more than a year now.

Anirban Chowdhury 8:31
Okay.

Jyotindra Dubey 8:31
And what was your job profile at Amtek? Then he said I was an office boy, when I said key, you are a director in at least 10 companies. So do you know about these companies? Because we used to sign some documents. And the company secretaries team used to give us some documents and we used to sign them but we don't know. Like what these companies do what is their business operation we used to just sign it because our seniors used to tell us and this guy is the managing director of a company with a total capital of 200crores

Anirban Chowdhury 9:06
most like kushwaha didn't have a clue. Some were slightly more forthcoming with information. Others were slightly more aware Jyotindra found someone who called himself a company law expert

Jyotindra Dubey 9:07
Haji Yeh Manmohan Singh Bindraji banth kar rahe hain

Manmohan Singh Bindraji 9:15
Haji Haji

Jyotindra Dubey 9:16
Haji Main Jyotindra Dubey bol raha hoon economic times se

Manmohan Singh Bindraji 9:33
Haji Sir

Jyotindra Dubey 9:34
Hanji Do minute baat ho sakthi hain apse

Manmohan Singh Bindraji 9:36
Bilkul Bilkul

Jyotindra Dubey 9:34
Ye aap Amtek comapny mein kam karte hain

Manmohan Singh Bindraji 9:40
Haji Haji

Jyotindra Dubey 9:34
Abhi bhi Kar rahein hai

Manmohan Singh Bindraji 9:34
Haji Kar Raha hoon

Jyotindra Dubey 9:34
Kis department mein Sir app

Manmohan Singh Bindraji 9:47
Sir mein Director hoon

Jyotindra Dubey 9:34
Matlabh kis company mein

Manmohan Singh Bindraji 9:34
teen char company mein hoon Sir

Jyotindra Dubey 9:57
Okay, so yeah, aap jo companies hain aap yeh companies kya kaam karthi hain

Manmohan Singh Bindraji 10:03
real estate kha hain

Jyotindra Dubey 10:05
Ji aur yeh Narinder Kaur Bindra apki wife hain

Jyotindra Dubey 10:09
woh bhi director hain

Manmohan Singh Bindraji 10:11
Haji

Jyotindra Dubey 10:11
okay tho yeh jo company's hain jismeapp dono director hain iska muje batainge ki real estate company kyo karti hain koi project hain inke

Manmohan Singh Bindraji 10:18
Project humlogne start karne the pata nahin kisi waje resession aa gaya us wajeh se hum kar nahin paye Sir

Jyotindra Dubey 10:25
Acha tho abhi company ka kyo chal rahan hain

Manmohan Singh Bindraji 10:29
Khali hein ji revive karne ke koshish kar rahein usme

Jyotindra Dubey 10:30
Aur kaun kaun hain yahan pe aap ke saat jis company mein involved hain

Manmohan Singh Bindraji 10:29
Sir main tho professional ke saat pehle proffessional ke nuyukt tha unke saat attached tha mein na tho wahi uhonein jaise jaise bataya ki agey companies karenge

Jyotindra Dubey 10:54
Aap company Secretary hain

Manmohan Singh Bindraji 10:54
Nahi Company secretary nahi hoon Sir Company laws se mereko 45 years se experience hain

Jyotindra Dubey 11:03
Okay tho aap Amtek walo ke saat kitne saalon se juden hain

Manmohan Singh Bindraji 11:04
Yeh abhi teen char saal se hi hoon Sir

Jyotindra Dubey 11:04
Paisa kaun laga rahan hein isme Amtek wale laga rahein hain

Manmohan Singh Bindraji 11:14
Yeh toh Sir mujhe maloom nahi jo bhi professinal friends hain who ek bar unse patha karna padega

Jyotindra Dubey 11:15
Apne

Manmohan Singh Bindraji 11:15
dyan nahi diya

Jyotindra Dubey 11:04
aap director hain aap jis company mein director hain aap ko idea nahi hain ki kaun funding kar raha hai

Manmohan Singh Bindraji 11:15
Sir itna maine abhi dhyan nahi diya actually Kyaunki abhi bhi kuckh

Jyotindra Dubey 11:16
Apki wife ka kya role hain as a director

Manmohan Singh Bindraji 11:17
Haji

Jyotindra Dubey 11:22
Apki wife ka kya role hain as a director

Manmohan Singh Bindraji 11:35
Sir main keh raha hoon na jab humne start kiya tha thab ustime tha ki aage karenge

Jyotindra Dubey 11:39
Nahi Unka kya background hain isse pehle

Manmohan Singh Bindraji 11:42
Haji

Jyotindra Dubey 11:43
Aapki wife ka kya background hai ise pehle

Manmohan Singh Bindraji 11:45
Abhi koi background nahi hai phle mein sales marketing mein tha inka

Manmohan Singh Bindraji 11:51
Tho isme than ki chalo isme karenge

Jyotindra Dubey 11:53
Acha aapko is company mein aane keliye kisne invite kiya

Manmohan Singh Bindraji 11:45
Sir mere professinal friends hain unhone invite kiya tha

Jyotindra Dubey 11:45
Nam batayeinge

Jyotindra Dubey 11:55
Main apse baath kartha hoon thodi der mein

Jyotindra Dubey 12:06
So that's how I got a list of 15 such names who are either office boys cashiers peons or working with Amtek group. But

Anirban Chowdhury 12:16
in how many companies?

Jyotindra Dubey 12:17
At least 1015 directorships. For some people, it's over 30. And even for some companies, they were previously directors, but now they have resigned. On an average we can say 10 to 12 companies at least.

Anirban Chowdhury 12:30
How long did you do this, like a month

Jyotindra Dubey 12:33
It took me nearly a month to verify and identify these 15 dummy directors because I started with a list of some 30 Plus names, then I managed to verify these 15 names.

Anirban Chowdhury 12:48
The dummy directors are one part of this puzzle. Think of them as placeholders in this complex maze of hollow companies, which act as conduits that transfer money from one to the other until that money trail is lost.

Jyotindra Dubey 13:07
The auditing standards of these companies are very much questionable. So I can give you an example. So in a particular company, some 500 crores were invested. And the audited balance sheet of that particular company said that they have invested the same amount in other companies, but they haven't mentioned any names. So investing some 500 Crores and not in mentioning the investi company, which is very questionable. That's how these companies are used, even their ownerships are very obscured So you will find various cross holdings. So a company A will be owned by five other companies. And these five companies will be owned by other 510 companies. So that's how they hide the ownership of these companies through layered ownership

Jyotindra Dubey 13:57
so that it's going to reach the ultimate beneficiary.

Anirban Chowdhury 14:00
All of these revelations are part of the whistleblowers petition. The case is now in the Supreme Court.

Jyotindra Dubey 14:06
So this particular case is being heard by a bench led by the Chief Justice of India, U U Lalit and while hearing the arguments from the petitioner side, he came on record and said that you have an excellent case and then issued notices to the investigating agencies that why there hasn't been any investigation against the erstwhile promoters of the Amtek group, which is the Dham family in that whistleblower complaint. They have submitted the forensic audit report. So this forensic audit report was conducted by ENY On amtek auto which is the flagship company of the Amtek group. And in that forensic audit, they have identified a list of 127 shell companies which are potentially related to Arvind Dham or other family members and they have also listed some Director of common with Amtek group companies and those shell companies. So, in all these shell companies, which I checked or which the forensic audit mentions, they there is a common link, either you will find some common director who was also director in Amtek companies, some former Amtek employees, or a common registered address. So, the companies which I looked into at least 90% of those companies were registered at one address located at Bhagan geet in South Delhi. So, in that one address, there were hundreds of companies registered and there are various Amtek group companies also registered at the same address. So that establishes the link between these shell companies and official Amtek companies, so there is definitely a link between them.

Anirban Chowdhury 15:52
127 shell companies, more than 30 Dummy directors at 12,000 crore rupees scam. Almost every company that runs into scams has seen better days. But the difference between Amtek's days of glory and reputation. And what it has come to now is especially stuck to trace this very interesting history. I turned to Sangeeta, my colleague who has reported and broken stories on almost every big development in banking and lending in the last decade. So Sangeeta, I wanted to ask you for more than 20 years Amtek Auto was quite a favorite of the India automotive industry. And then of course, investors in the stock market wants it listed. What led to this rise, first of all?

Sangita Mehta 16:40
So well, to be fair, Amtek auto had a very promising start. Arvind Dham was a first generation enterpreneur. His family business was into construction. But he was not interested in family business. In fact, he studied architecture from University of New York, but it never interested him much. He got in the business of supplying components to automobile companies. And his first break came from Maruti where he won the contract the supply pads to Maruti 800. And this is way back in 1985. But the biggest turning point for him first when the economy opened up. And that is when Arvind Dham won actually contracts from Tata Motors. Ford Fiat and that is how his business started growing very rapidly. Because, you know, once the economy opened up, everybody started to you know, there was a huge demand for cars. And he also kind of expanded his business big time. But thereafter, he wanted to grow really fast. He acquired 22 companies overseas. And remember, all of this was debt funded acquisition. It was not really coming from revenue between 2010 and 2017. Amtek started pouring heavily. Its debt rose from 3800 crore to 14,200 grand that was huge to see times these were series of acquisitions in the range of 700 to 500 crore. And back then they were pretty expensive acquisition because they were all on borrowed money.

Anirban Chowdhury 18:13
When did the fall start happening?

Sangita Mehta 18:16
Yeah, so the growth that he had in mind are the kind of growth estimates that they had didn't really kind of match up with the expansion that they had. It led to cash flow mismanagement, and the first sign of trouble started sometime in 2015. When he defaulted to lenders on loans. This was in the June quarter of 2015. Actually, at that time, lenders did not worry much, which was a big flaw on their side because they thought, oh, it's Amtek auto, it's a blue chip. It's our rent, Haven our default kind of thing. It was unthinkable, you know, it was like such a big name back then. And then in September, the very next quarter, he defaulted on his bond payment 800 crore.

Anirban Chowdhury 19:01
here's Amtek's managing director Gautam Malhotra. Just one month before the first big default

BG 19:06
column, I want to clarify one doubt which you know, the the market has been raising is that you have trouble in terms of your lenders right now. And they formed a forum to actually get the dues out. If you could tell us if that's right.

Gautam Malhotra 19:20
No, there's nothing like getting the dues out. And anything with our lenders is actually between our lenders and our private, but there's nothing like getting dues out from us.

BG 19:29
Okay, but bank of Maharashtra had told us that the $70 million fccb repayment that you had to make, there's some issue that's going on on that front and a joint lender Forum has been formed is that incorrect?

Gautam Malhotra 19:41
So the $70 billion fccb is actually cannot be subscribed by any Indian institution. Its FCCB is subscribed by international funds. And as of 31st, July, we had actually put in a notice to convert that into equity so there's no recall on it yet

Sangita Mehta 19:58
And then Amtek came up with a scheme that will convert 20,000 crore of debt into equity 20,000 crore of debt, again came into the eye of public that, oh Amtek has so much of debt in its book, of course bankers didn't buy that story, and then they never converted that debt into equity. But the thing is that it became very clear that this company can't survive or hold on its own.

Anirban Chowdhury 20:24
Next year, the government came up with the insolvency and Bankruptcy Code IBC.

Sangita Mehta 20:29
So IB also wanted to send out a clear message that we have to bring the big corporates into IBC. So that, you know, this is a new law. And let's have the big cases there. So it sets an example for others kind of thing.

Anirban Chowdhury 20:43
And then, of course, the company became part of that so called Dirty Dozen that

Sangita Mehta 20:47
yes, yes.

Anirban Chowdhury 20:48
So that resolution process took, I think, four to five years. And

Sangita Mehta 20:52
yeah, 5 years actually, it started in 2017. Even when it entered, insolvency, amtek appeared to be a very promising company. For instance, Apollo Global Management, eon SSG capital, these were the companies which had actually shown interest in acquiring it. And they submitted an expression of interest to acquire this company, and later when the data room was opened up for them to look into the assets of Mt. katoh. They realize that assets are not really valuing as much as they should I mean, or the kind of aura that it created, a lot of them backed out and that is why when we had the only Investor left at that time was the Amtek house.

BG 21:33
Amtek auto for that also the highest bidder has been announced it is Liberty House in the United Kingdom with the highest bidder for Amtek autos issued a press release confirming that and thing is working with the committee of creditors to secure as many as 6000 jobs.

Anirban Chowdhury 21:48
But after a few months, Liberty houses bid fell through

BG 21:52
Liberty House had emerged as the highest bidder at that point with a bid of about 4300 crore rupees. However, at this stage, we are given to understand that the resolution plan submitted by Liberty House was not followed. In fact, they still did not make any of the payments outlined in the resolution plan to banks.

Anirban Chowdhury 22:13
Finally, in 2021, after a second bidding process, an American hedge fund called Deccan value investors emerged as the winning bidder for Amtek. But this investor, too, didn't come up with some great plan for it.

Sangita Mehta 22:28
See, the second value also offered some 2504. But then it was not that they were giving all of the money as in cash, they were saying that we'll give you 500 crore up front, but the balance amount will be given to you only when we sell these assets.

Sangita Mehta 22:43
So it was a conditional offer.

Anirban Chowdhury 22:45
So as as a veteran in the banking space, did you feel like this was the end of the story? Or did something tell you that there were many loose ends and irregularities that would come to light sooner or later?

Sangita Mehta 22:57
What thing really struck me was the audit report, which came to light back then? Not at that time, but it did occur to us that there were a lot of related party transactions. And whenever there's a company that too many related party, it really rings a bell that something is not right. So one of the things that is pointed out in the audit report is that it had 96 potential related party transactions, and only 33 of them were disclosed. This is very concerning. And the report also pointed out that about 300 or some 400 crore of potential related party transactions were done without supporting documents. So we don't know whether this is just the tip of the iceberg. And then the there was another big flaw of that the RPS from eBUY an audit was done by eBuy. Right? That's a huge conflict. No, correct. So no, can't have the same person playing the role of an administrator and picking holes in the books

Anirban Chowdhury 24:05
Got it? Got it. Got it. So Sangita the whistleblower has alluded to a scam worth 12,000 crore rupees. What are the lenders sing about this?

Sangita Mehta 24:15
Lenders are the most affected party because you know, they've lost a lot of their money. And the worst thing is this very little hope of recovery. So basically the recovery which come only with investigative agencies are able to get hold of some kind of money trail that you know this money has gone here and we can recover it from here, but that looks very it's almost like wishful thinking. So remember one thing that the total loan that Amtek Auto has is roughly 20,000 Crore plus and but the point is that what have they got in return? They've just got some 2700 Crore offer from Deccan value and Deccan value will pay or any bidder for that instance will pay only what is the value of the asset that is Then in the company, so there is the balance 18,000 Crore pot, and that is something which investigative agencies will really need to work on.

Anirban Chowdhury 25:08
So I asked Sangita and Jyotindra is this the end game for Arvind Dham and Amtek, or the beginning of it at least,

Sangita Mehta 25:16
say I would say that the beginning of his end started when it entered insolvency? No, because 50% of his stake, which he had an Amtek was wiped out. So if you say beginning of his end of his personal wealth, yes, I mean, because a lot of his or at least I assume, and I guess that is why the investigative agencies are after him is that a lot of money is siphoned off. And that's an assumption, like, for instance, who knew that you know, they have a company called, which is a listed company, Rolla Taylor, and it has 50%, second, barista, Arvind Dhams, daughter, Anamika, she was on the board of this company, and at present Arvind Dham's sister, Anita, she's running the company, she's actually in charge of the operations of the company. So, and this is just one such example. And barista is such a known brand, if you look up at MCA data Arvind Dham's son, and Arvind Dham's daughter aren't to at least on the board of 10 companies, which are into real estate, which are meant to steal. Now, how did they I mean, you know, what are they doing? These are not listed companies, but these are companies which are there in MCA database. So probably they should strongly pursue to recover their loans. Absolutely. But a lot will depend on how investigation, I mean, investigative agencies are able to pursue without any interference on and on this particular case.

Sangita Mehta 25:52
Arvind Dham is already out from Amtek group. But definitely, he has siphoned off funds. And if this whistleblower complaint is being heard by the Supreme Court then definitely definitely will be taken into judicial custody for sure.

Anirban Chowdhury 27:09
The antics story could really be a riveting corporate thriller on any OTT platform. It starts like a Bildungsroman, and turns into a story of hubris and fall. It has intrigued wealth, corporate aggression, various layers of dubious transactions, conduits, cops and the courtroom drama from being a big beneficiary of Indian liberalisation to one of the country's first court admitted bankruptcy cases to now a scam worth 1000s of crores. It's also a case study in the pitfalls of the Indian corporate world and how its rules are constantly being gamed. The ongoing probes may open several more worm camps, and the court is bound to take a very harsh view of things. Will the banks recover some of their money? Will Arvind Dham's and his family's other investments come under the scanner? Will the criminal complaint stand? I don't know about corporate potboilers. But the answers to all of this, we will call for another episode on the morning brief. That's it for today. 

This is your host Anirban Chowdhury On the morning brief, the official podcast of the economic times. This episode was produced by Sumit Pande sound designer Indranil Bhattacherjee executive producer Arijit Barman do share this episode if you liked it. Listen to new episodes of the morning brief every Tuesday, Thursday and Friday on all your favorite listening platforms, Amazon Music ghana.com, Spotify, Apple and Google podcasts. Also the Economic Times website and of course, our very own audio platform et play. Keep listening. Thank you and have a very good day. All clips used in this episode belong to their respective owners. Credits are mentioned in the description.

This transcript has been automatically generated. If by any chance there is an error please send the details for a correction to: themorningbrief@timesgroup.com We will do our best to make the amendment as soon as possible. 



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