The Supreme Court on Tuesday granted bail to former Amtek Group chairperson Arvind Dham in a money laundering case linked to an alleged ₹27,000 crore bank fraud, overturning an earlier Delhi High Court decision that had denied him relief.

Supreme Court Overturns High Court Decision

A bench comprising Justices Sanjay Kumar and Alok Aradhe set aside the August 2025 decision of the Delhi High Court, which had refused bail on grounds that Dham's release could jeopardise the trial and undermine public confidence in the justice system. The high court had characterised the allegations as grave economic offences causing substantial losses to public sector banks, warning that granting bail in such cases risked eroding the fabric of economic governance.

Case Background and Investigation Timeline

The money laundering proceedings originate from a 2022 case registered by the Central Bureau of Investigation following complaints by IDBI Bank and Bank of Maharashtra. The CBI accused Amtek Group companies of defaulting on loans through fraudulent means, including cheating and criminal breach of trust.

Pursuant to Supreme Court directions issued in February 2024, the Enforcement Directorate initiated its probe and registered a case in 2024.

Alleged Financial Manipulation Scheme

The ED has alleged that Dham was the ultimate beneficial owner of the fraud, carried out through systematic manipulation of financial records. According to the agency, the scheme involved multiple fraudulent activities designed to siphon off public funds.

Arguments for Bail

Before the apex court, Dham presented several arguments supporting his bail application:

• His status as a 64-year-old senior citizen
• Over one year spent in custody
• Completion of ED investigation against him
• Unlikely commencement of trial due to ongoing CBI probe

The Delhi High Court had previously rejected Dham's plea based on age and health considerations, observing that being "sick and infirm" was not a passport to bail in cases involving serious economic crimes. The high court noted that his medical condition could be managed in custody.

Court's Decision

Taking into account Dham's submissions regarding his age, time spent in custody, and the status of investigations, the Supreme Court granted bail subject to conditions to be specified. The decision marks a significant development in the high-profile financial fraud case that has drawn attention to corporate governance and banking sector vulnerabilities.

Arvind Limited has announced a key managerial personnel change with the resignation of Mr. Krunal Bhatt from his position as Company Secretary & Compliance Officer. The announcement was made in compliance with Regulation 30 of the Listing Regulations and SEBI Master Circular guidelines.

Resignation Details

The resignation details have been formally disclosed as required under regulatory frameworks:

Official Communication

Mr. Krunal Bhatt submitted his formal resignation letter to the Board of Directors, stating his intention to pursue career opportunities outside the organization. In his resignation letter, he expressed gratitude to the Board of Directors and Senior Management for their support during his tenure with the company.

The resignation letter specifically requested relief from duties at the earliest, while the company has indicated that the transition will be managed in due course of time to ensure proper handover of responsibilities.

Regulatory Compliance

The announcement follows the prescribed format under Regulation 30 of the Listing Regulations, which mandates disclosure of changes in Key Managerial Personnel. The company has provided all required details including the nature of change, effective date, and relevant professional credentials of the departing officer.

As per the regulatory disclosure, no brief profile or relationship disclosures were applicable given the nature of this personnel change. The company maintains its registered office at Naroda Road, Ahmedabad, Gujarat, and continues to operate under CIN: L17119GJ1931PLC000093.