Bank loan

Promoter of Gurugram-based Ambience group arrested for bank loan fraud: The Tribune India

Tribune press service

New Delhi, July 29

The Directorate of Law Enforcement (ED) today arrested the promoter of the Gurugram-based Ambience group, Raj Singh Gehlot, under the provisions of the Prevention of Money Laundering Act (PMLA) in the part of a Rs 800 crore bank loan fraud, agency officials said.

Rs800 crore siphoned off

The ED in its investigation found that “a large portion of the loan amount of over Rs 800 crore, which was sanctioned by a consortium of banks for a hotel project, was misappropriated by Aman Hospitality Private Limited, Raj Singh Gehlot and its associates through a network of companies owned and controlled by them”.

Officials said Gehlot will soon be brought before a special court here in the nation’s capital and the agency will seek custody of the arrested defendants.

Previously, ED sleuths had raided Gehlot’s premises, including his company Aman Hospitality Private Limited (AHPL) as well as a few other Ambience group companies.

The agency also raided the premises of company director Dayanand Singh, Mohan Singh Gehlot and their associates last July.

Officials said the PMLA case against Gehlot, who is also a developer of Ambience Mall in Gurugram, is based on a 2019 FIR by the Anti-Corruption Bureau (ACB) of Jammu against AHPL and its directors for money laundering presumed in construction. and the development of the five-star Leela Ambience Convention Hotel located at 1, CBD, Maharaj Surajmal Road, near the Yamuna Sports Complex in Delhi.

The ED in its investigation found that “a large portion of the loan amount of over Rs 800 crore, which was sanctioned by a consortium of banks for the hotel project, was misappropriated by AHPL, Raj Singh Gehlot and his associated through a network of companies owned and controlled by them”.

“A substantial part of the loan money was transferred by AHPL to several companies and individuals under the guise of payment of current bills and advances for the supply of materials and works performed,” the ED alleged in the FIR .

Ambience Group employees and Gehlot associates were appointed directors and owners of these companies and Gehlot was the “authorized signatory” in many of these entities, he said.