The Congress on Sunday demanded a CBI investigation into the insolvency issue of Amtek Auto, alleging that the government was protecting the promoters who had committed fraud.

Addressing a press conference, former Congress MP Sanjay Nirupam said: “The government must order a probe into the findings of Ernst and Young’s audit report into the insolvency of Amtek Auto. The report states that the Amtek group has carried out preferential transactions, transactions defrauding creditors, and it siphoned off more than 70 per cent of its assets and funds to 129 shell companies.”

Nirupam said: “The Amtek group of companies took a loan of Rs 25,000 crore from Indian banks. The company was eventually sold for Rs 1,500 crore. Its promoters wrote off assets worth Rs 7,500 crore, and Rs 12,500 crore funds were siphoned off through shell companies. The findings of the Ernst and Young report are there in front of us but no action has been taken, that is our issue. Why are the promoters of the company being shielded?”

He insisted that only the CBI can probe this matter because the Ministry of Corporate Affairs is “hand in glove”, the Serious Fraud Investigation Office is short staffed, and National Company Law Tribunal (NCLT) also seems to be a part of this scam.