Anti-Corruption Bureau (ACB) ha filed a chargesheet against Raj Singh Gehlot, Managing Director, Aman Hospitality Private Ltd., Rakesh Kumar Kharyal and Kuldeep Gupta, then Managers of J&K Bank Ansal Plaza Branch, New Delhi and others in the 270-Crore J&K Bank loan fraud case, officials said today.
"FIR No. 15/2019 dated 24.07.2019 of PS ACB Srinagar was registered on the basis of a source information which was the outcome of a verification conducted into the allegations of financial irregularities in the loans availed by M/s Aman Hospitality Pvt. Ltd. New Delhi from the Ansal Plaza Branch of the J&K Bank New Delhi," said an ACB spokesman, in a statement.
It was alleged that the officers of J&K Bank Ansal Plaza Branch had given loan worth crores of rupees to this firm and in connivance with the said firm the loan amounts so sanctioned were declared as NPA to facilitate the firm to have a One Time Settlement to its advantage, he said.
The firm, as per the spokesman, had apparently availed loans for the construction of a five star hotel in Delhi with a project cost estimated Rs. 866.89 crores to tune of Rs. 227 crores as Term Loan alongwith Bank guarantee of Rs. 15 crores.
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.
He said 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 / siphoned out for various other purposes and misappropriated by the borrower Raj Singh Gehlot."
"Investigation has established that out of the Rs. 100 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 J&K Bank Ansal Plaza Branch to the tune of Rs. 35 crores."
The spokesman said that 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 120-B, 409, 420 RPC and section 5(1)(c), 5(1)(d) r/w 5(2) of the JK PC Act against Raj Singh Gehlot Managing Director of M/s AHPL and co-accused Sh. Mohan Singh, Mrs. Sheela Gehlot and Mrs. Madhu Bakshi (private persons) and public servants Rakesh Kumar Kharyal and Kuldeep Gupta who were the erstwhile 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, added the spokesman.