Daijiworld Media Network - Patna

Patna, Sep 11: The Enforcement Directorate (ED) on Friday conducted searches at nine locations in Bihar, Haryana and Delhi as part of a money laundering investigation into an alleged bank loan fraud involving Gaya-based Ramnandi Hotels and Resorts, officials said.

The searches were carried out against the company, its director Akhouri Gopal and his sons Nishant and Nitesh. The case stems from a CBI FIR and chargesheet, which estimated the alleged proceeds of crime at Rs 131.79 crore.

According to the ED, the searches covered premises in Gaya, Gurugram and Delhi under the provisions of the Prevention of Money Laundering Act (PMLA).

The agency alleged that the hotel group 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 provided by the company's chartered accountant.

The ED said personal guarantees furnished by Akhouri Gopal and his family members had also been provided to the banks against the loans.

Officials further said five properties had been mortgaged with a vehicle company against outstanding dues of a related group entity. However, the agency found that the properties were recently sold despite being under mortgage and at what it described as a "grossly undervalued" price.

"Few of the buyers are learnt to be persons of humble means and incapable of affording such sum of money, and are suspected to be benamis or proxies of Akhouri Gopal," an ED officer said.

The agency alleged that the sale of the properties was intended to transfer the assets and prevent their attachment under the anti-money laundering law. The searches were continuing in connection with the investigation.