ED charges Ambience Group Chairman of diverting Rs 469 cr of Rs 810 cr loan to entities controlled by him
Jul 30, 2021
New Delhi [India], July 30 : In its ongoing investigation against the Chairman of Ambience Group of Companies Raj Singh Gehlot, who was arrested two days ago, the Enforcement Directorate (ED) has accused him of siphoning off Rs 810 crore loan amount by diverting funds worth Rs 469 crore for other purposes such as to settle the loan of other groups of companies and making Fixed Deposits (FDs) as well as diversion of materials to other projects of his firm.
The ED probe found that Gehlot had diverted the amount (Rs 469 crore) to entities and individuals, controlled by him and for which he is the authorised signatory.
Gehlot was arrested by the ED on late Wednesday and was produced before a Prevention of Money Laundering Act (PMLA) court via video conferencing. He was sent to ED custody by the court for seven days.
During the course of the investigation, the agency said Gehlot had misled them and has continuously tried to show that he did not make any diversion of the sanctioned loans, whereas the documentary evidence collected during the search revealed that the submissions made by the businessman were false and misleading.
The Enforcement Directorate had registered a money laundering case on the basis of an FIR filed by the Anti-Corruption Bureau of Jammu and Kashmir Police against officers of J&K Bank and others in respect of loan sanctioned to Aman Hospitality Private Limited (AHPL).
Further, the ED added that AHPL had taken a loan amount of Rs 810 crore from a consortium of banks led by the J&K Bank and that the loan was sanctioned for the purpose of construction and development of a five-star hotel at CBD, Shahdara in New Delhi.
"The loan amount along with interest totalling to the tune of Rs 902 crore has been declared as Non-Performing Asset (NPA)," ED said.
