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The Enforcement Directorate (ED) in India has attached a commercial complex worth over Rs 252 crore (around $33 million) located in Delhi’s Shalimar Bagh area in connection with a money laundering investigation linked to an alleged bank fraud case against the Ambience Group. The immovable property, called Ambience Tower, belongs to a company called Ambience Towers Pvt Ltd, which is a firm of the Ambience Group promoted by Raj Singh Gehlot. The ED has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the commercial building.
The money laundering case arose from an FIR and chargesheets filed by the Jammu and Kashmir anti-corruption bureau. It was found that Aman Hospitality Pvt Ltd, through its promoter director Gehlot, had been sanctioned a term loan facility of Rs 810 crore (around $109 million) by a consortium of banks led by J&K Bank to partially finance its hotel project in Shahdara, Delhi. The loan amount later turned into a non-performing asset. During the investigation, it was revealed that Gehlot had diverted loan funds and layered them through a web of bank accounts belonging to his relatives and Ambience Group companies. It was also found that Gehlot had "diverted" materials to the other project sites of the Ambience Group.
Gehlot was arrested by the ED in September 2021 in connection with the case. His wife Sheela Gehlot and other directors of the Ambience Group, such as Amit Gehlot, Shamsher Singh, and Pawan Singh, were also named as accused in the chargesheets filed by the ED earlier. The agency had earlier attached assets worth Rs 20.20 crore (around $2.7 million) belonging to Raj Singh Gehlot, his family members, and the Ambience Group companies.
The ED has been cracking down on financial crimes across the country, including cases of bank fraud, money laundering, and corruption. The agency has been acting against individuals and companies involved in such cases, including attaching assets and initiating legal proceedings. The government has been pushing for stronger enforcement of financial regulations and laws to curb financial crimes and ensure greater accountability.
The ED's actions against the Ambience Group come amid a wave of crackdowns on corruption and financial crimes in India, including high-profile cases involving companies such as Dewan Housing Finance Corp, Yes Bank, and IL&FS. The government has been taking steps to reform the financial sector, including strengthening the regulatory framework, improving transparency, and promoting digital payments. The government has also been encouraging greater participation in the formal financial system, especially among the poor and marginalized sections of society.
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