The Enforcement Directorate has conducted raids on Ramnandi Hotels and Resorts in connection with an alleged Rs 131.79 crore bank loan fraud. The investigation focuses on claims of fund diversion and the sale of mortgaged assets to proxies to evade legal action.
The Enforcement Directorate (ED) has carried out extensive searches across locations in Bihar, Haryana, and Delhi, targeting the business premises of Ramnandi Hotels and Resorts. The raids are part of an ongoing probe into an alleged Rs 131.79 crore bank loan fraud that has drawn the attention of central investigative agencies.
The investigation is rooted in a previous case filed by the Central Bureau of Investigation (CBI), which had issued a chargesheet detailing financial irregularities within the company. Authorities claim that the firm, led by promoters including Akhouri Gopal, secured an Rs 85 crore loan facility from a consortium of banks headed by the Central Bank of India. The ED alleges that the company diverted Rs 58 crore of these sanctioned funds for purposes other than those officially stated.
Investigators have raised serious concerns about how the company managed its loan requirements and collateral. The probe suggests that the firm used forged project completion reports to justify the disbursement of funds. Furthermore, the agency is looking into the alleged sale of assets that had been mortgaged against the bank loans.
According to the agency, these mortgaged properties were sold at prices significantly lower than their market value to individuals who appear to be proxies. Officials have categorized these as transactions designed to strip assets from the company, effectively preventing them from being seized or attached under the Prevention of Money Laundering Act.
As Ramnandi Hotels and Resorts is a private unlisted entity, it does not trade on public stock exchanges. The ongoing legal proceedings now pose a significant operational and reputational risk to the firm. Creditors and relevant stakeholders will likely monitor the next phases of the investigation, which include tracing the flow of diverted funds and determining the legal consequences for those involved in the alleged financial mismanagement.