CBI books hospitality firm for fraud worth ₹289 crore

Company connived with bank officials to declare loan amount as NPA

The Central Bureau of Investigation (CBI) has booked Aman Hospitality Private Limited (AHPL) and its directors for allegedly cheating the J&K Bank of ₹289.28-crore in connivance with the bank officials.

The company has named Raj Singh Gehlot, Dayanand Singh and Aman Gehlot as directors of the company. It is alleged that they connived with the bank officials to get the loan account declared a non-performing asset (NPA) to facilitate one-time settlement to the company’s advantage.

The accused persons had applied to the bank’s Ansal Plaza branch in Delhi for loan to set up a Twin Five Star Hotel Project in the Shahdara area of Delhi. The initial cost of the project was ₹866.89 crore, which was later revised as ₹1,275.71 crore. While J&K Bank extended a loan of ₹277 crore, besides ₹15 crore as bank guarantee limit, rest of the money was raised through other lenders.

The credit facilities were provided against the mortgage of project land measuring 20,000 square metres, including the building and some other assets. The loan amounts were disbursed from 2009-10 onwards. The account was declared NPA in June 2018 and at the stage, the total outstanding was ₹261.47 crore as principal amount and ₹27.81 crore as interest till April 2019.

The bank alleged that, surprisingly, the loan account was settled for just ₹128.94 crore without taking any legal recourse to recover the dues. According to the First Information Report, the bank officials abused their authority for pecuniary considerations to extend favours to the company and its directors.

In July, the Enforcement Directorate had arrested Raj Singh Gehlot, who is the owner of the Gurugram-based Ambience Mall, on money laundering charges, in another case registered by the CBI in August last year on the direction of the Punjab and Haryana High Court.

It was alleged that the mall had been constructed illegally on 18.98 acres by flouting the building by-laws and statutory rules.

In yet another case, about a year ago, the agency searched the premises of AHPL, other companies of the Ambience group, and its directors. The ED probe was based on a case registered by the Jammu Anti-Corruption Bureau against AHPL and others for allegedly laundering money during the construction and development of the 5-star Leela Ambience Convention Hotel near the Yamuna Sports Complex in Delhi.

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