ED cracks down on bank fraud; seizes Ambience Tower in Delhi
On Friday, the Enforcement Directorate (ED) announced that it had attached the multi-story commercial complex Ambience Tower worth Rs.252.17 crore in Shalimar Bagh, Delhi in connection with a money laundering investigation linked to an alleged bank fraud case.
The immovable property is named Ambience Tower and it belongs to a company called Ambience Towers Pvt Ltd, a firm of the Ambience Group promoted by Raj Singh Gehlot, the agency said in a statement.
Acting on an FIR and subsequent chargesheet filed by the Anti-Corruption Bureau, Jammu, and Kashmir under the Provisions of the Ranbir Penal Code, and Prevention of Corruption Samvat Act, the ED initiated the investigation.
The ED learned that Aman Hospitality Pvt. Ltd through its promoter director Gehlot was sanctioned a Term Loan facility of Rs.810 crore by a Consortium of Banks led by J&K Bank to finance its hotel project in Shahdara, Delhi. However, the loan amount later turned into an NPA,” the agency said.
Besides, Gehlot had diverted loan funds and layered the same through a web of bank accounts belonging to his relatives and Ambience Group companies. In addition to the diversion of funds, it was also found that Gehlot had diverted materials to the other project sites of Ambience Group, it added.
Gehlot was arrested on July 28, 2021. His wife, Sheela Gehlot, and other directors of Ambience Group Companies namely Amit Gehlot, Shamsher Singh, and Pawan Singh were accused in the ED’s chargesheets.
The ED filed two prosecution complaints in the present case before Patiala House Courts.
Prior to this, ED had already seized assets totaling Rs.20.20 crore that was owned by Raj Singh Gehlot, his family members, and various companies associated with the Ambience Group.
[With Inputs from IANS]
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