Raj Singh Gehlot embezzled Rs 469cr of loan amount to entities and individuals
Raj Singh Gehlot, chairman of the Ambience group of companies which was arrested by the Directorate of Execution (ED), siphoned off the amount of a loan by diverting the funds for other purposes, for example to settle the loans other group companies, by making fixed deposits, as well as the diversion of materials to other Ambience Group projects.
The ED investigation also revealed that he had embezzled Rs 469 crore to entities and individuals, controlled by him and for which he is the authorized signatory.
Gehlot was arrested by the ED on Wednesday evening and presented to a PMLA court via video conference.
He was taken into custody by the court for seven days.
An ED official linked to the investigation said that during the money laundering investigation it was discovered that Gehlot had entered into a criminal conspiracy to fraudulently siphon off the loan amount by embezzling the funds. for other purposes.
“An amount of Rs 469 crore has been diverted to entities and individuals, controlled by Gehlot and for which he is the authorized signatory,” he said.
The official said that during the investigation, Gehlot misled the ED and continually tried to show that he had not made any misappropriation of the sanctioned loans.
“While documentary evidence gathered during the search revealed that the statements made by Gehlot were false and misleading,” he said.
The ED had registered a money laundering case based on an FIR filed by the Anti-Corruption Bureau, Jammu and Kashmir Police, against J&K Bank agents and others regarding a loan sanctioned to Aman Hospitality Pvt Ltd (AHPL).
The ED said AHPL took out a loan of Rs 810 crore from a consortium of banks led by J&K Bank.
The ED official further said that the loan was sanctioned for the construction and development of a five-star hotel in CBD, Shahdara in New Delhi.
The loan amount as well as the interest totaling up to Rs 902 crore were declared as NPA, he added.