ED arrests Ambience Mall owner Raj Singh Gehlot in alleged bank loan fraud case
The Enforcement Directorate (ED) on Thursday arrested Raj Singh Gehlot, the owner of Gurugram-based Ambience Mall, in an alleged bank loan fraud case.
According to ED officials, the loan fraud case is approximately of ₹200 crore.
Gehlot will be produced before an ED court in Delhi later today, the officials said.
The mall, part of Ambience Group, was built in 2007. According to its website, it has more than 230 stores. The website also says that Gehlot is a chartered accountant by profession.
According to ED, the case against Gehlot was registered in 2019 for money laundering in the construction of five-star Leela Ambience Convention Hotel situated near Yamuna Sports Complex in Delhi.
The investigation under prevention of money laundering act (PMLA) revealed that Gehlot and his associates siphoned off a huge portion of the money sanctioned by a consortium of banks for the hotel project through a maze of companies controlled by them, the agency said.
The ED had conducted raids at seven premises, including Gehlot's residence, in connection with the case in July last year.
The Ambience Group is well-diversified and also involved into developing premium offices in Gurugram, Shalimar Bagh and Rohini. The group also owns luxury hotels including The Leela Ambience Hotel & Residences, Gurugram and The Leela Ambience Hotel & Convention Centre, East Delhi.
The Ambience Group has its in-house construction and development capabilities, and is headquartered in Delhi.