The Enforcement Directorate (ED) on Friday announced that it had taken action to seize a multi-storeyed commercial complex in the Shalimar Bagh area of Delhi, which is estimated to be worth more than Rs 252 crore. This move is a part of an ongoing money laundering investigation, which is linked to an alleged bank fraud case that involves the Ambience Group.

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According to a statement by the Enforcement Directorate, the attached immovable property is known as Ambience Tower, and is registered under the ownership of a company named Ambience Towers Pvt Ltd, a firm of the larger 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 valued at a total of Rs 252.17 crore.

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The Jammu and Kashmir anti-corruption bureau filed an FIR and chargesheets in a money laundering case that involves Aman Hospitality Pvt. Ltd and its promoter director Gehlot. The investigation revealed that the company was granted a term loan facility of Rs 810 crore 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 an NPA. During investigation, it was revealed that Gehlot had diverted loan funds and layered the same through a web of bank accounts belonging to his relatives and Ambience Group companies,” the ED said.

In addition to the diversion of funds, the investigation also revealed that Gehlot had redirected materials meant for the hotel project to other sites owned by the Ambience Group.

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As a result, Gehlot was arrested by the ED in September 2021 in connection with this case. The ED had previously named his wife Sheela Gehlot, as well as other directors of the Ambience Group, including Amit Gehlot, Shamsher Singh, and Pawan Singh, as accused in the chargesheets filed earlier.

Prior to this, the agency had already seized assets totaling Rs 20.20 crore that were owned by Raj Singh Gehlot, his family members, and various companies associated with the Ambience Group.

With inputs from PTI