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A Delhi court on Tuesday granted bail to Sheela Gehlot, wife of Raj Singh Gehlot, who is a promoter of the Ambience Group. Sheela Gehlot has been accused of money laundering by securing a term loan from Jammu & Kashmir Bank of about Rs.781 crores, and routing the same through her escrow account to distribute it 21 companies and 4 individuals. 

The loan had allegedly been secured under the pretense of construction and development of a hotel. However, investigative agencies found that the parties (21 companies and 4 individuals) to whom the money had been distributed were not connected with the project in any manner and did not provide any services or goods in furtherance of the project's implementation. 

The amounts received by the 25 non contracting parties were allegedly transferred to one M/s Raj Commercials and Agencies and one M/s M&N Commercials, which companies further transferred the funds to Ambience Group companies, wherefore the money was used to settle loans of Ambience Group companies and for meeting expenses of the applicant, her family and his friends. 

Sheela Gehlot, on the other hand submitted that the project for which the money was borrowed has been completed. However, due to COVID-19 lockdown, the business of the hotel greatly suffered, due to which 51% equity of the hotels was given to banks. Gehlot claims that the funds borrowed from Jammu & Kashmir bank were being used to repay the companies whose money was used for raising construction and completion of the projects.

She also argued that she had joined the investigation and had cooperated with the investigative agency, which fact was not disputed by the prosecution. Moreover, the twin conditions of Section 45 of the Prevention of Money Laundering Act, 2002 have an exception in case of a woman, where if a woman is arrested, she can be released on bail even if she does not meet the twin conditions thereunder. 

Accepting the arguments of the accused and adjudging her to be a flight risk, the court granted her bail upon the following conditions:

• That she would furnish a personal bond in the sum of Rs.2,00,000/- (Rupees Two Lakhs)
• That she would appear before the investigative agency/court as and when she is called as per law
• She will not indulge in any kind of activities which are alleged against her in the present case 
• She will not threaten the witness or tamper with evidence. 

The court further granted her three days time to furnish the personal bond.