Ambience Group Promoter, businessman Raj Singh Gehlot’s bail petition was rejected by the Delhi High Court on Wednesday. Gehlot was accused in a money laundering case linked to an alleged bank loan fraud of ₹800 crore. A number of loans were granted to Gehlot by a consortium of banks led by J&K Bank for constructing Ambience Hotel at Shahdara, Delhi.
The bench of Justice Manoj Kumar Ohri had reserved the order on the bail application on February 10.
Enforcement Directorate had raided Gehlot, his company Aman Hospitality Private Limited (AHPL) and some other projects of the Ambience group.
Along with Gehlot, the director of the company Dayanand Singh, Mohan Singh Gehlot and their associates were also raided by the ED.
Gehlot was arrested by the Enforcement Directorate last year under the Prevention of Money Laundering Act, 2002 (PMLA) for committing bank fraud against the Jammu & Kashmir Bank Consortium.
According to the ED, Gehlot was involved in a criminal conspiracy with other employees of the company to fraudulently siphon off the loan amount. He diverted the funds for other purposes such as to settle the loans of other group companies and making Fixed Deposits as well as diversion of materials to other projects of the Ambience Group.
Senior Advocate Dr. Abhishek Manu Singhvi and Sandeep Kapur, appearing for Gehlot sought bail on the ground that Gehlot was in custody since July and it was not necessary for him to stay in jail after the filing of the charge sheet against him in the case.
Gehlot was denied bail by a local court in September last year. The court observed that “the material available on record suggests meticulous siphoning off fund and its deft layering by the applicant/accused, who happens to be a qualified Chartered Accountant.The material available on record, at this stage, sets out a formidable case of money laundering against the applicant/accused”.
Zoheb Hossain, the lawyer of ED opposed the grant of bail and accused Gehlot of serious crime of money laundering.
“Considering the nature of the offence, seriousness of allegations and a strong possibility of applicant/accused attempting to influence the course of trial by influencing the witnesses and tampering with the evidence, I’m of the considered opinion that the bail application is bereft of any merits and the same is accordingly dismissed”, said the court while dismissing the bail petition.