₹270 Cr loan fraud: Chargesheet filed against 2 ex-managers of J-K Bank

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Anti-Corruption Bureau on Friday filed a chargesheet against Managing Director, Aman Hospitality Private Ltd., two former Managers of J-K Bank’s Ansal Plaza Branch, New Delhi, and others in connection with 270 Crore J-K Bank loan fraud case.

The ACB registered the case under FIR number 15/2019 on 24 July 2019 at police station ACB Srinagar on the basis of information that came to the fore after a verification conducted into the allegations of financial irregularities in the loans availed by Aman Hospitality Pvt. Ltd. New Delhi from the Ansal Plaza Branch of the J-K Bank New Delhi, ACB said 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 firm the loan amounts so sanctioned were declared as NPA to facilitate the firm to have a One Time Settlement to its advantage,” the statement added.

The firm had apparently availed 227 crores rupees as a term Loan along with the bank guarantee of 15 crores rupees for the construction of a five-star hotel in Delhi with a project cost estimated at Rs. 866.89 crores, the ACB said.

“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,” it said.

The firm had pledged mortgaged land including the building of the 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 AHPL worth 41 crores rupees favouring a consortium of banks including J-K Bank as the lead bank as part of mortgaged properties, it said.

The statement added that, 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.”

The investigation, the ACB said, also established that out of the Rs. 100 crores sanctioned as Term Loan in the first phase to M/s AHPL an amount of 35 crores rupees have been diverted by Raj Singh Gehlot Managing Director of AHPL in connivance with the Bank officials and other co-accused and through fictitious firms which were created for the purpose and also by layering the funds through other banks in a complex maze of transactions. In this manner they cheated the J-K Bank Ansal Plaza Branch to the tune of 35 crores rupees.

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 Mohan Singh, Sheela Gehlot and 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 besides the firms M/s Ambience limited, NGR Consultant Pvt. Ltd. and Raj Commercial & Agencies. “Further investigation in the case is in progress.” (GNS)

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