ED Raids Nine Locations in Bihar, Haryana and Delhi Over Alleged Rs 132-Crore Bank Fraud
GAYA, September 11: The Enforcement Directorate (ED) on Friday conducted searches at nine locations across Bihar, Haryana and Delhi as part of a money laundering investigation linked to 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). According to officials, ED teams searched six locations in Gaya, two in Gurugram and one premises in Delhi while investigating alleged diversion of bank loan funds and suspected attempts to transfer properties to prevent their possible attachment.
The case centres on allegations involving RHRL, a company controlled by Akhouri Gopal and his sons, Nishant and Nitesh. The agency is examining how loans obtained by the company were allegedly utilised and whether parts of the borrowed funds were diverted for purposes other than those for which they were sanctioned.
ED Probes Alleged Diversion of Rs 58 Crore
According to the ED’s investigation, RHRL had allegedly secured a loan of approximately Rs 85 crore from a consortium of banks led by Central Bank of India. The agency has alleged that around Rs 58 crore of the loan amount was subsequently diverted.
Investigators are also examining the manner in which the loans were obtained. The ED has alleged that the company used fake or forged project-completion reports while seeking the bank finance.
Akhouri Gopal and members of his family had reportedly provided personal guarantees in connection with the loans. The agency is now examining the financial records and transactions associated with the borrowing arrangements to determine the extent of the alleged irregularities.
The investigation forms part of the ED’s broader probe into suspected money laundering arising from the alleged bank fraud.
Properties Under Investigation
Apart from the alleged diversion of loan funds, the ED is also examining the sale and transfer of several properties connected to the case.
According to the agency, five properties had been pledged or mortgaged with Tata Motors Ltd against outstanding dues involving a related group entity. Despite these properties being pledged, investigators allege that they were subsequently sold.
The ED has raised questions over the manner in which these properties were transferred and the prices at which they were allegedly sold.
Officials claim that some of the properties were sold at prices significantly lower than their actual value. The agency has also reportedly examined sale deeds in which the consideration was shown as having been paid in cash.
Suspected Proxy Buyers
Another important aspect of the investigation concerns the identities and financial capacity of the people who allegedly purchased the properties.
The ED has alleged that some of the buyers appeared to have limited financial means and may not have been capable of purchasing properties of such value. Based on its investigation, the agency suspects that some purchasers could have acted as benami or proxy holders for Akhouri Gopal.
The allegation is now being examined as investigators attempt to determine whether the properties were effectively retained or controlled by people connected to the original owners despite being transferred on paper.
The agency suspects that the alleged property transactions may have been undertaken with the intention of moving the assets beyond the reach of authorities and preventing them from being attached under the anti-money laundering law.
Multi-City Searches
The ED’s decision to conduct searches in three locations indicates that investigators are examining financial and property transactions spread across different jurisdictions.
The searches in Gaya, Gurugram and Delhi are expected to help the agency collect documents and other evidence relating to the company’s financial dealings, loan arrangements, properties and transactions involving associated individuals and entities.
During such investigations, authorities typically examine financial records, property documents, banking transactions and other material that may help establish the movement of funds and ownership of assets.
The latest operation is therefore focused not only on the alleged bank loan irregularities but also on the subsequent movement of money and properties that may have been connected to the alleged offence.
Investigation Continues
The ED’s investigation is aimed at establishing whether the alleged diversion of bank funds and property transactions generated or involved proceeds of crime and whether those proceeds were subsequently concealed or transferred.
The agency is also examining whether the alleged sale of pledged properties was intended to prevent the assets from being identified and attached during legal proceedings.
The allegations against RHRL, Akhouri Gopal and other individuals remain part of an ongoing investigation. The searches themselves do not establish guilt, and any allegations will ultimately have to be established through due legal process.
With searches now carried out at nine locations across Bihar, Haryana and Delhi, the investigation has entered a significant phase. Further action will depend on the documents, financial records and other evidence gathered by the agency during its probe.
The ED is expected to continue tracing the alleged money trail and examining the ownership and transfer of properties associated with the case as it works to determine the full extent of the suspected financial irregularities.
News source: Information for this article was gathered from a variety of reliable news outlets.
