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Court dismisses Bail application of Ambience Group’s Promoter in money laundering case

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Aanchal Agarwal-

Published on : September 11, 2021 at 13:51 IST

A Delhi Court on Friday dismissed the Bail application of Ambience Group’s Promoter Raj Singh Gehlot in an alleged bank loan fraud case of Rs 800 crore.

Additional Sessions Judge Dharmender Rana stated that the facts presented before the Court suggested meticulous siphoning of funds and its deft layering by the accused.

The accused along with others misappropriated funds from a bank in J&K for their personal use.

The Court noted that the accused Gehlot was a chartered accountant and the main witnesses of the case were his friends and family.

The Court stated that “The amount spent, if at all that was spent, is nothing more than the spade work towards the ultimate objective of defalcation of the public money”.

The Court also observed that the amount which was siphoned off by the accused was done with the help of various firms which were either under his control or his family and friends. Some of these firms existed only on paper.

Advocate Tanveer Mir Ahmed on behalf of the accused stated before the Court that his client has been cooperating with the Enforcement Directorate (ED) since 2019 and no offence under the Sections of Prevention of Money Laundering Act have been proven against him.

On the other hand, ED stated that the loan amount spend qualified as proceeds of crime.

 Also Read: PMLA Court summons Gayatri Prajapati in money laundering case