The Patiala House Court has acquitted businessman Raj Singh Gehlot, promoter of Ambience Group, in a money laundering case related to an alleged bank loan fraud.
This case involved loans provided by a consortium of banks for the construction of the Ambience Hotel in Shahdara, Delhi.
The Enforcement Directorate had charged Gehlot with money laundering in connection with these loans, but the court found there was insufficient evidence to file charges and acquitted him of the charges.
Additional Sessions Judge Chanderjit Singh, in an order passed recently, said that the material produced by the ED in the form of documents relied upon by it is not sufficient to show that a prima facie case has been made out under section 3/4 of the PMLA against any of the accused in the present case. Therefore, all the accused are acquitted accordingly.
Raj Singh Gehlot, promoter of Ambience Group, was arrested on July 28, 2021, in connection with the money laundering case related to an alleged bank loan fraud.
Earlier, a Delhi court had granted him interim bail on medical grounds, which had been extended several times. In April 2023, Gehlot was granted regular bail in the case.
Gehlot was represented by lawyers Tanveer Ahmed Mir, Shikhar Sharma, Vaibhav Suri, Kartik Venu, Saud khan, Fahad khan, Swati Khanna, Anusara, Imran and Yash Datt.
The accused was arrested under the Prevention of Money Laundering Act, 2002 (PMLA) for allegedly committing bank fraud against the Jammu and Kashmir Banking Consortium.
According to the financial investigation agency, an investigation had been initiated under the PMLA on the basis of an FIR registered by the state ACB, Jammu, against Aman Hospitality Pvt Ltd (AHPL) and its directors for money laundering in the construction and development of the 5-star hotel ‘Leela Ambience Convention Hotel’ situated near the Yamuna Sports Complex in Delhi, the investigative agency said.
ED had earlier stated that the investigation under the PMLA revealed that a major portion of a loan amount of over 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 network of companies controlled by them.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 15, 2024 | 15:32 IS
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