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As part of a money laundering case, a Delhi court on Thursday ordered Raj Singh Gehlot, owner of Gurugram's Ambience Mall, to be detained by the Enforcement Directorate until August 5. Additional sessions will be held as necessary. Observing the material on record, Judge Dharmender Rana noted that Gehlot and other accused persons had entered into a criminal conspiracy in order to fraudulently syphon off the loan amount by diverting the funds for purposes other than those for which they were originally released. A consortium of banks led by J&K Bank, Ansal Plaza, Delhi, allegedly approved a loan to M/s AHPL for the construction of a hotel. According to the charges, Gehlot syphoned off the money with the help of bank officials, using a web of shell companies and his friends.
Gehlot, it was alleged, conspired with other accused persons to fraudulently syphon off the loan amount by diverting the funds for other purposes, such as to settle the loan of other group companies and make Fixed Deposits, as well as diverting materials to other projects of the Ambience Group. In addition to Vikas Pahwa and Tanveer Ahmad Mir, the ED was represented by Amit Mahajan, standing counsel for the Central Government and Naveen Kumar Matta. "The material on file suggests not only that the accused fraudulently obtained the funds, but also that they were placed, layered, and integrated." According to the Court, "Alleged and other defendants entered into a criminal conspiracy in which the funds were diverted for purposes other than those for which they were released. It qualifies as "proceeds of crime" because it was obtained through a criminal conspiracy." Therefore, the Department of Justice had requested 14 days of judicial custody, arguing that the time was needed to locate the other beneficiaries and confront Gehlot with the data extracted from digital devices that were recovered from his home. Senior Advocate Vikas Pahwa, appearing on behalf of Gehlot, argued that there was no evidence of money laundering in the case because Gehlot had duly constructed the hotel with the loan amount in question and that he could explain how the money was spent.
According to Gehlot, the banks did not file a complaint because they were not harmed in any way. On top of all this, it was argued that Gehlot's arrest warrant was utterly flimsy and superfluous. As a result, bank officials tried to settle with the accused for a paltry sum of Rs.128.94 crores, which speaks volumes about their malfeasance." The Court made a comment. Gehlot was placed in ED's custody until August 5, as a result of this.
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