The Enforcement Directorate (ED) on Friday conducted searches at nine locations across Bihar, Haryana and Delhi as part of a money-laundering investigation into an alleged bank loan fraud involving Gaya-based hotel group Ramnandi Hotels and Resorts Ltd (RHRL).
The searches were carried out against RHRL, its director Akhouri Gopal, and his sons, Nishant and Nitesh, officials said.
The money-laundering investigation stems from a First Information Report (FIR) and chargesheet filed by the Central Bureau of Investigation (CBI), which estimated the alleged proceeds of crime at Rs 131.79 crore.
According to the ED, the searches covered properties in Gaya, Gurugram and Delhi under the provisions of the Prevention of Money Laundering Act (PMLA).
The agency alleged that RHRL diverted Rs 58 crore out of the Rs 85 crore loan disbursed by a consortium of banks led by the Central Bank of India. The alleged diversion was carried out using fake or forged project-completion reports purportedly provided by the company's chartered accountant, the ED said.
The agency also said that Akhouri Gopal and members of his family had provided personal guarantees against the loans.
During the investigation, the ED found that five properties had been mortgaged to a vehicle company against outstanding dues of a related group entity. However, the agency alleged that the properties were subsequently sold despite the mortgages being in place.
The properties were allegedly sold for “grossly undervalued” amounts, according to the ED.
The agency further alleged that some of the buyers were people of limited financial means who would not ordinarily have been able to afford the transactions. Their involvement is therefore being investigated on suspicion that they may have acted as benamis or proxies for Akhouri Gopal, an ED official said.
According to the agency, the sale of the mortgaged properties was allegedly intended to transfer the assets beyond the reach of authorities and prevent their attachment under anti-money-laundering laws.
(With inputs from PTI)