The court takes note of the indictment against the promoter of the Ambience group in a bank loan fraud case

A Delhi court has learned of an indictment filed against the promoter of the Ambience group, Raj Singh Gehlot, arrested in a money laundering case linked to an alleged fraud on a bank loan of Rs 800 crore. Further sittings Judge Dharmender Rana heard on Monday the final report of the Law Enforcement Directorate requesting prosecution of the defendants under Articles 3 and 4 of the Law on the Prevention of Money Laundering.

The judge, however, adjourned the summons of the accused and asked the investigative agency to answer various questions before issuing an order on this aspect.

“I am aware of the offense referred to in Articles 3 (money laundering) and 4 (sanction for money laundering). However, with regard to the question of summoning the defendants, certain questions were put to the Special Prosecutor’s Office (SPP), ”he said.

The court also noted that the investigation against the bank officials was still ongoing and that “the ongoing investigation would resolve the dilemma emanating from the mutually contradictory statements of the bank officials involved in the present case.”

“With respect to the remaining issues, SPP requests a brief adjournment arguing that since the case involves a large file, he would reconsider it and notify this court. Therefore, the issue of summoning the accused is postponed for the moment, ”said the judge.

The court will hear the case again on October 5.

According to the Enforcement Directorate, the case against Gehlot, who is also a promoter of the Ambience shopping center in Gurugram, is based on a 2019 FIR from the Jammu Anti-Corruption Bureau against AHPL and its directors for alleged money laundering. in the construction and development of the five-star Leela Ambience Convention Hotel located at 1, CBD, Maharaj Surajmal Road, near the Yamuna Sports Complex in Delhi.

The central investigative agency raided Gehlot, his company Aman Hospitality Private Limited (AHPL), certain other companies in the Ambience group, director of the company Dayanand Singh, Mohan Singh Gehlot, and their associates last July.

The ED investigation revealed that “much of the loan amount of over Rs 800 crore, which was sanctioned by a consortium of banks for the hotel project, was embezzled by AHPL, Raj Singh Gehlot and his associates through a network of businesses owned and controlled by them.

“A substantial part of the loan money was transferred by the AHPL to several companies and individuals under the pretext of paying current invoices and in advance for the supply of equipment and work carried out,” the agency said.

Employees of the Ambience group and Gehlot partners were appointed directors and owners of these companies and Gehlot was the “authorized signatory” in many of these entities, he said.

No material was provided and no work was performed and almost the entire amount was immediately returned to the entities owned by Raj Singh and Sons HUF (undivided Hindu family) and his brother’s son, a t -He specifies.

“The money has still been siphoned off through several layers in a complex web of group entities,” the ED said.

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