Delhi Court Grants Bail To Ambience Group Promoter In Money Laundering Case

New Delhi [India]: The Patiala House Court on Wednesday granted bail to businessman Raj Singh Gehlot, Ambience Group’s promoter, in a money laundering case related to an alleged bank loan fraud case.

The case relates to certain loans granted by a consortium of banks for the construction of Ambience Hotel at Shahdara in Delhi. Arrested on July 28, 2021, Gehlot was earlier granted interim bail by a Delhi Court on medical grounds, which had been extended from time to time and was continuing till date. By way of the present order, the bail has now been made permanent.

Gehlot was represented by advocates Tanveer Ahmed Mir, Shikhar Sharma, Vaibhav Suri, Kartik Venu, Saud Khan, Fahad Khan, Swati Khanna and Yash Datt.

He was arrested under the Prevention of Money Laundering Act, 2002 (PMLA) for allegedly committing bank fraud against the Jammu and Kashmir Bank Consortium.

According to the financial probe agency, it 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.

The Directorate of Enforcement (ED) had earlier stated that an investigation under PMLA revealed that a huge part of a loan amount of more than Rs 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.