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Directors presumably delighted in money laundering in the construction of 5-star hotel.
The Enforcement Directorate on Friday carried out searches on the properties of Aman Hospitality Private Limited (AHPL), other companies of the Atmosphere Group, and its directors in connection with a bank fraud case.
The searches were carried out at 7 areas in Delhi, consisting of the residential premises of directors, Raj Singh Gehlot, Dayanand Singh, Mohan Singh Gehlot, and their partners.
The ED groups took16 lakh in money and24 lakh in foreign currency (EUR16,120, ₤ 5,115 and $6,302) from your house of Mr. Raj Singh Gehlot, said an authorities.
It is discovered that the declaration of Mr. Gehlot is also being taped under the Prevention of Money Laundering Act.
The ED probe is based upon an FIR registered by the Jammu Anti-Corruption Bureau against AHPL and its directors for apparently indulging in money laundering in the construction and development of the 5-star ‘Leela Environment Convention Hotel’ located near the Yamuna Sports Complex in Delhi.
According to the firm, a considerable part of more than800 crore taken in loans from a consortium of banks for the hotel project was siphoned off by AHPL, Mr. Gehlot and his accomplices, through a web of business owned or controlled by them.
The funds were transferred by AHPL to numerous companies and individuals on the pretext of “payment of running expenses and advance for supply of material/work performed”.
The employees of Ambience Group and the partners of Mr. Gehlot were made directors or owners of such companies and he was the “authorised signatory” in many of them.
However, no material was presumably provided and no work carried out by these companies. Practically the entire quantity was right away routed back to the entities owned by Raj Singh & Sons (HUF) and his brother’s son, as alleged.