New Delhi: The Enforcement Directorate (ED) conducted searches under Prevention of Money Laundering Act, 2002 (PMLA) at 07 different premises in Delhi on 31st July 2020. These searches were conducted at the office premises of M/s Aman Hospitality Pvt. Ltd. (AHPL) & other companies of the Ambience Group and the residential premises of its Directors Sh. Raj Singh Gehlot, Sh. Dayanand Singh, Sh. Mohan Singh Gehlot and their associates.
During the course of search, Indian currency amounting to Rs. 16 lakh and foreign currency equivalent to around Rs. 24 lakh [16,120 Euros; 5,115 Pounds; and 6,302 US$] was seized from the residence of Raj Singh Gehlot. Several incriminating documents and digital evidences were also seized during the search.
ED initiated investigation under PMLA on the basis of FIR registered by State ACB, Jammu against M/s AHPL and its Directors for money laundering in the construction and development of the 5-star ‘Leela Ambience Convention Hotel’ situated at 1, CBD, MaharajSurajmal Road, Near Yamuna Sports Complex, Delhi.
Investigation under PMLA revealed that a huge part of loan amount of more than Rs. 800 Crore, which was sanctioned by a consortium of banks for the hotel project, was siphoned off by M/s AHPL and Sh. Raj Singh Gehlot& his associates through a web of companies owned / controlled by them. A substantial part of the loan money was transferred by M/s AHPL to several companies and individuals on the pretext of “payment of running bills and advance for supply of material/work executed”.
The employees of Ambience Group and the associates of Raj Singh Gehlot were made the Directors/Proprietors of these companies and Sh. Raj Singh Gehlot was the ‘authorized signatory’ in many of these companies. However, no material was supplied and no work was executed and almost the entire amount was immediately routed back to the entities owned by Raj Singh & Sons HUF and his brother’s son. Money was further siphoned off through multiple layers in a complex web of group entities.
Further investigation in the case is underway.