Bank Fraud: ED levy ₹252 crore worth from ‘Ambience Tower’ at Shalimar Bagh in Delhi

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The Enforcement Directorate Friday said it has added a multi-storey commercial complex, worth more than Rs 252 crore, located in Delhi’s Shalimar Bagh area in connection with a money laundering investigation related to an alleged banking fraud case against the Ambience Group. The immovable property is registered in your name Ambiance 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.

A preliminary injunction, under the Prevention of Money Laundering Act (PMLA), was issued by the ED to confirm the commercial building worth a total of Rs 252.17 crore.

The money laundering case stems from an FIR and charges filed by the anti-corruption agency of Jammu and Kashmir which revealed that a company called Aman Hospitality Pvt. Ltd, through its promoter director Gehlot, a term loan facility of Rs 810 crore was sanctioned by a consortium of banks led by J&K Bank to partially finance its hotel project in Shahdara, Delhi.

“The loan amount later became an NPA. During the investigation, it was revealed that Gehlot had diverted and stacked borrowed money through a web of bank accounts belonging to his family members and Ambience Group companies,” the ED said.

Aside from the redirection of funds, Gehlot was also found to be “redirecting” materials to the Ambience Group’s other project sites, it said.

In this case, Gehlot was arrested by the ED in September 2021.

His wife Sheela Gehlot and other directors of the Ambience Group such as Amit Gehlot, Shamsher Singh and Pawan Singh were also named as suspects in the charge filed earlier by the ED.

The agency previously seized assets worth Rs 20.20 crore belonging to Raj Singh Gehlot, his relatives and the Ambience Group companies.

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