RAJ SINGH GEHLOT Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The present application has been filed under Sec. 439 Cr.P.C. on behalf of the applicant seeking regular bail in Complaint Case No.39/2021 filed under Ss. 44/45 of the Prevention of Money Laundering Act, 2002 (hereinafter, referred to as the 'PMLA') and arising out of ECIR No. 14/STF/2019 registered under Ss. 3/4 PMLA by the respondent/ED.

(2.) Briefly stated, the facts of the case are that one M/s Aman Hospitality Pvt. Ltd. (hereinafter, referred to as 'AHPL'), a group entity of Ambience Group which was founded by the applicant, purchased a plot of commercial land at Shahdara in an open auction held by the DDA on 3/3/2006 for the purpose of construction and development of a hotel. Upon technical evaluation, the cost of the hotel project was estimated as Rs.867.00 crores, in which promoters' contribution was fixed @ Rs.287.00 crores and Term loan @ Rs.580.00 crores. Based on this estimate, AHPL approached J&K Bank, Ansal Plaza Branch through the applicant, with a proposal dtd. 12/3/2009 for sanction of loan of Rs.75.00 crores and BG facility of Rs.15.00 crores towards financial closure.

(3.) On the basis of source report verification, FIR No. 15/2019 dtd. 24/7/2019 was registered by Anti-Corruption Bureau (ACB), J&K against the applicant and others, for commission of offence punishable under Sec. 120B of the Ranbir Penal Code, 1989 (hereinafter, referred to as 'RPC') and Sec. 5(1)(d) read with Sec. 5(2) of the Jammu and Kashmir Prevention of Corruption Act Samvat, 2006 (hereinafter, referred to as 'J&K PC Act'). On 20/3/2021, charge sheet No. 1 was filed against the applicant, AHPL, M/s Ambience Pvt. Ltd. (hereinafter, referred to as 'APL') and others, under Sec. 120B read with Ss. 409/420 RPC and Ss. 5(1)(c)/5(1)(d) read with Sec. 5(2) of the J&K PC Act, for misappropriation and diversion of funds from the loan of Rs.100.00 crores sanctioned by J&K Bank. The applicant was not arrested and the charge sheet was filed without arrest. Vide order dtd. 29/11/2021 passed by the learned Addl. Special Judge, Anti-Corruption Srinagar, the applicant was formally admitted to regular bail in the scheduled offence.