Lawstreet Journal

A Delhi Court Granted Bail to Sheela Gehlot, Wife of Ambience Mall Group Promoter In Money Laundering Case

Lawstreet Journal 1 Jun 2022 4:44pm

Image courtesy: Lawstreet Journal Business A Delhi Court Granted Bail to Sheela Gehlot, Wife of Ambience Mall Group Promoter In Money Laundering Case

Sheela Gehlot, the wife of Raj Singh Gehlot, a promoter of the Ambience Group, was granted bail by a Delhi court on Tuesday. Sheela Gehlot is accused of money laundering after securing a term loan of Rs. 781 crores from Jammu & Kashmir Bank and distributing the money through her escrow account to 21 companies and four individuals.

The loan was allegedly secured under the guise of hotel building and development. Investigative agencies discovered, however, that the parties (21 companies and 4 individuals) to whom the money had been distributed were not linked to the project in any way and had given no services or goods to aid in its project implementation.

The funds received by the 25 non-contracting parties were allegedly transferred to M/s Raj Commercials and Agencies and  M/s M & N Commercials, which companies then transferred the funds to Ambience Group companies, where they were used to settle Ambience Group companies' loans as well as meet the applicant's, her family's, and friends' expenses.

Sheela Gehlot, on the other hand, claimed that the project for which the money was borrowed was completed. However, the hotel's business suffered considerably as a result of the COVID-19 lockdown, and banks were awarded 51 percent of the hotel's equity. According to Gehlot, the funds borrowed from the Jammu & Kashmir bank were used to repay the companies whose money was used to fund the project's construction and completion.

She also claimed that she had joined the investigation and cooperated with the… Continue Reading...

Tagged: Money Laundering   Ambience Mall   Sheela Gehlot   Raj Singh Gehlot   Delhi Court   Section 45   Prevention of Money Laundering Act 2002   PMLA  
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