Srinagar: The Anti-Corruption Bureau (ACB) has filed a charge-sheet against Managing Director of Aman Hospitality Private Limited and two then managers of Jammu and Kashmir Bank (JKB), Ansal Plaza branch New Delhi and others in Rs 270 crore bank load fraud case.
The ACB spokesman said following information from a source about financial irregularities in the loans availed by M/S Aman Hospitality Private Limited, New Delhi from Ansal Plaza Branch of JKB New Delhi an FIR dated July 24, 2019 of Police Station (PS) ACB Srinagar was registered.
He said it was alleged that the officers of JKB Ansal Plaza Branch had given loan worth crores of rupees to this firm and in connivance with the firm the loan amounts so sanctioned were declared as NPA to facilitate the firm to have a One Time Settlement to its advantage.
The firm had apparently availed loans for the construction of a five star hotel in Delhi with a project cost estimated at Rs 866.89 crores and amount to the tune of Rs 227 crores as Term Loan alongwith Bank guarantee of Rs 15 crores has been released.
The rest of the loans were availed from other banks by the firm as part of consortium loan for construction of the five star hotel. The firm had pledged mortgaged land including the building of five star hotel and rentals which would accrue on the commercial area which was proposed to be leased out, hypothecation of all other current assets and personal guarantee of Raj Singh Gehlot who was the Managing Director of M/s AHPL worth Rs 41 crores favouring a consortium of banks including J&K Bank as the lead bank as part of mortgaged properties.
However, while looking into the allegations mentioned in the FIR investigation revealed that instead of using the loans sanctioned for the purpose of construction of hotel it was diverted and siphoned out for various other purposes and misappropriated by the borrower Raj Singh Gehlot.
He said investigation has established that out of the Rs100 crores sanctioned as Term Loan in the first phase to M/s AHPL an amount of Rs 35 crores has been diverted by Raj Singh Gehlot Managing Director Of M/s AHPL in connivance with the Bank officials and other co-accused and through fictitious firms which were created for the said purpose and also by layering the funds through other banks in a complex maze of transactions and in this manner cheated the JKB Ansal Plaza Branch to the tune of Rs 35 crores.
Further investigation into the remaining diversions is in progress apart from the allegations of illegally entering into an OTS to the firm advantage by J&K Bank officials.
A charge sheet has been filed by the Anti Corruption Bureau in the concerned court in Srinagar u/s of the JK PC Act against Raj Singh Gehlot Managing Director of M/s AHPL and co-accused Mohan Singh, Mrs Sheela Gehlot and Mrs Madhu Bakshi (private persons) and public servants Rakesh Kumar Kharyal and Kuldeep Gupta who were then Managers of J&K Bank Ansal Plaza Branch, New Delhi and the firms M/s Ambience limited, NGR Consultant Pvt. Ltd. and Raj Commercial & Agencies.
Further investigation in the case is in progress, spokesman said.