Delhi HC rejects bail plea of Ambience Group promoter in money laundering case
Mar 02, 2022
New Delhi [India], March 2 : The Delhi High Court on Wednesday rejected the bail plea of businessman Raj Singh Gehlot, Ambience Group Promoter, in a money laundering case related to an alleged bank loan fraud case. The case relates to certain loans granted by a consortium of banks for the construction of the Ambience Hotel at Shahdara, Delhi.
The bench of Justice Manoj Kumar Ohri on Wednesday refused to grant bail to Gehlot who was arrested by Enforcement Directorate last year in the matter. He was arrested under the Prevention of Money Laundering Act, 2002 (PMLA) for committing bank fraud against the Jammu and Kashmir Bank Consortium.
Recently, the court had reserved the order after hearing the intensive arguments on the point of validity of twin conditions under section 45, PMLA vis-a-vis right of an accused enshrined under Articles 14, 19 and 21.
The case was argued at length by Senior Advocate Dr Abhishek Manu Singhvi, who appeared for Gehlot. Earlier, arguments were addressed on merits as well as other legal issues involving due to process of law, the procedure established by law and other anomalies under the PMLA.
Singhvi was briefed by Advocate Sandeep Kapur of Karanjawala & Co. and his team. Additional Solicitor General SV Raju, Advocate Zoheb Hussain and Advocate Amit Mahajan appeared on behalf of the Directorate of Enforcement.
Earlier, the trial court too had dismissed Gehlot's bail petition.
According to the financial probe agency, it had initiated an investigation under PMLA on the basis of an FIR registered by State ACB, Jammu against Aman Hospitality Pvt Ltd (AHPL) and its directors for money laundering in the construction and development of the 5-star 'Leela Ambience Convention Hotel' situated near the Yamuna Sports Complex in Delhi.
The ED further stated that investigation under PMLA revealed that a huge part of a loan amount of more than 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 web of companies controlled by them.
