Raj Singh Gehlot, the promoter of Ambience Group, has been granted bail in a money laundering case related to an alleged bank loan fraud case. The case is related to certain loans granted by a consortium of banks for the construction of Ambience Hotel at Shahdara in Delhi. Gehlot was arrested under the Prevention of Money Laundering Act, 2002 (PMLA) for allegedly committing bank fraud against the Jammu and Kashmir Bank Consortium. The financial probe agency had initiated an investigation under PMLA on the basis of an FIR registered by State ACB, Jammu against Aman Hospitality Pvt Ltd (AHPL) and its directors for money laundering in the construction and development of the five-star ‘Leela Ambience Convention Hotel’ situated near the Yamuna Sports Complex in Delhi. The investigation agency said that a huge part of a loan amount of more than ₹ 800 crore, which was sanctioned by a consortium of banks for the hotel project, was siphoned off by AHPL and Raj Singh Gehlot and his associates through a web of companies controlled by them.
The Directorate of Enforcement (ED) had initiated an investigation under PMLA on the basis of an FIR registered by State ACB, Jammu against Aman Hospitality Pvt Ltd (AHPL) and its directors for money laundering in the construction and development of the five-star ‘Leela Ambience Convention Hotel’ situated near the Yamuna Sports Complex in Delhi. The ED had stated that a huge part of a loan amount of more than ₹ 800 crore, which was sanctioned by a consortium of banks for the hotel project, was siphoned off by AHPL and Raj Singh Gehlot and his associates through a web of companies controlled by them.