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ED alleges Amtek heist forced investors into rigged equity conversions worth INR 1000 crore
Business
Published on 24 April 2026
Bondholders say conversion prices were manipulated with siphoned loan funds
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.
- ED alleges forced FC convertible bond-to-equity conversion at rigged prices
- Manipulation was allegedly enabled using siphoned loan funds
- Foreign investors were reportedly left to absorb the fallout
- The alleged scheme is pegged around INR 1000 crore
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times