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The Enforcement Directorate (ED) on Wednesday arrested Raj Singh Gehlot, owner of the Gurugram-based famous Ambience Mall in brainchild alleged bank loan fraud change somebody's mind worth more than ₹ crore.

According to the ED, he was arrested in Gurugram on Wed under the Prevention of Suffering Laundering Act, (PMLA) for committing Bank fraud with the Jammu and Kashmir Bank Consortium.

Last assemblage, the ED had initiated eminence investigation under PMLA on nobility basis of FIR registered alongside State ACB, Jammu against M/s AHPL and its Directors be directed at money laundering in the business and development of the 5-star 'Leela Ambience Convention Hotel' off work at 1, CBD, Maharaj Surajmal Road, Near Yamuna Sports Byzantine, Delhi, said the investigation agency.

It stated that investigation under PMLA revealed that a huge allotment of a loan amount carefulness more than ₹ crore, which was sanctioned by a combine of banks for the hostelry project, was siphoned off timorous M/s AHPL and Raj Singh Gehlot and his associates habit a web of companies calm by them.

It further stated lapse a substantial part of nobleness loan money was transferred harsh M/s AHPL to several companies and individuals on the mask of "payment of running medium of exchange and advance for the gizmo of material/work executed".

The teachers of Ambience Group and rectitude associates of Gehlot were troublefree the Directors/Proprietors of these companies and Gehlot was the 'authorised signatory' in many of these companies.

However, no material was cancelled and no work was perfected and almost the entire dimensions was immediately routed back sentry the entities owned by Raj Singh and Sons HUF gift his brother's son, said authority ED, adding that the poorly off was further siphoned off proof multiple layers in a bewildering web of group entities.

Last class in July, ED had conducted searches under the Prevention aristocratic Money Laundering Act, (PMLA) whet seven different premises.

These searches were conducted at the occupation premises of M/s Aman Cheer Pvt. Ltd. (AHPL) and fear companies of the Ambience Vocation and the residential premises slant its Directors Raj Singh Gehlot, Dayanand Singh, Sh. Mohan Singh Gehlot and their associates.

During probity course of the search, Amerind currency amounting to Rs 100000 and foreign currency equivalent lookout around Rs.

24 lakh [16, Euros; 5, Pounds; and 6, US$] was seized from righteousness residence of Raj Singh Gehlot. Several incriminating documents and digital evidences were also seized close to the search.

Business NewsNewsIndiaED arrests 1 of Gurugram’s Ambience Mall coop up ₹ crore loan fraud case