15 hrs ago
ED Raids Gaya Hotel Group Over Alleged Bank Loan Fraud
The Enforcement Directorate searched places connected to a hotel company in Bihar, Haryana and Delhi.
The company is accused of using bank loans improperly.
Officials said the company received Rs 85 crore from a group of banks.
They allege that Rs 58 crore was diverted using false project reports.
The case began with an investigation by the Central Bureau of Investigation.
Some properties linked to the loans were mortgaged to a vehicle company.
The ED said those properties were later sold for much less than their value.
It suspects some buyers may have been acting for the hotel group’s promoter.
The Enforcement Directorate searched nine premises linked to a Gaya-based hotel group and its promoters.
The searches took place in Gaya, Gurugram and Delhi under the Prevention of Money Laundering Act.
The case stems from a Central Bureau of Investigation FIR and chargesheet alleging Rs 131.79 crore in proceeds of crime.
The ED alleged that Rs 58 crore of an Rs 85 crore bank loan was diverted using forged project completion reports.
The agency also alleged that mortgaged properties were sold at undervalued prices to suspected proxies to prevent their attachment.
- Who
- The Enforcement Directorate conducted searches involving Ramnandi Hotels and Resorts Ltd., director Akhouri Gopal, and his sons Nishant and Nitesh.
- What
- The agency searched properties in an alleged bank loan fraud and money laundering investigation.
- Where
- Nine premises in Gaya, Gurugram and Delhi were searched.
- When
- The searches were conducted on Friday, September 11.
- Why
- The ED alleges that loan funds were diverted and mortgaged properties were sold to prevent their attachment under anti-money-laundering law.
Key facts
- Investigating agency
- Enforcement Directorate
- Company
- Ramnandi Hotels and Resorts Ltd. (RHRL)
- Loan amount
- Rs 85 crore disbursed by a consortium of banks led by Central Bank of India
- Alleged diversion
- Rs 58 crore
- Alleged proceeds of crime
- Rs 131.79 crore, according to the CBI FIR and chargesheet
- Search locations
- Gaya, Gurugram and Delhi
- Legal framework
- Prevention of Money Laundering Act
Quotes
An ED officer
An Enforcement Directorate officer commenting on the suspected buyers of the properties
“Few of the buyers are learnt to be persons of humble means and incapable of affording such sum of money, and are suspected to be benamis or proxies of Akhouri Gopal.”
theprint.in
Sources
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