NEW DELHI: The Enforcement Directorate (ED) on Friday conducted searches at nine locations in Bihar, Haryana and Delhi in connection with an alleged bank fraud involving Ramnandi Hotels and Resorts Ltd (RHRL), Gaya. The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) at six locations in Gaya, two in Gurugram and one in New Delhi, officials said.RHRL is controlled by Akhouri Gopal and his sons, Nishant and Nitesh, according to officials. The ED action follows an investigation into the alleged diversion of loan funds and suspected attempts to move properties to prevent possible attachment.During the probe, the agency found that RHRL allegedly diverted Rs 58 crore out of the Rs 85 crore disbursed by a consortium of banks led by Central Bank of India. The loans were allegedly obtained on the basis of fake or forged project completion reports provided by the company’s chartered accountant.The loan facilities were also backed by personal guarantees from Akhouri Gopal and his family members, officials said.The investigation has also flagged five properties that had been pledged or mortgaged with Tata Motors Ltd against outstanding dues of a related group entity. The properties were allegedly sold recently despite being pledged.According to the ED, the properties were sold at grossly undervalued prices, with the sale deeds showing the consideration as cash receipts. Some of the buyers are suspected to be benamis or proxies of Akhouri Gopal, officials said.
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The agency suspects the transactions were aimed at alienating the properties and preventing coercive action. Some of the buyers were reportedly people of modest means who may not have had the financial capacity to arrange the amounts involved in the transactions.The proceeds of crime in the case, based on the CBI chargesheet, are estimated at around Rs 131.79 crore, corresponding to the non-performing asset (NPA) value, officials said.The searches are part of the ED’s ongoing investigation into the alleged bank fraud and related movement of assets.
