ED searches nine locations in bank loan fraud investigation into Gaya hotel group
The Enforcement Directorate says it searched sites across Bihar, Haryana and Delhi on Friday, September 11, 2026, in a money-laundering investigation into an alleged bank loan fraud involving Ramnandi Hotels and Resorts Ltd.
The Enforcement Directorate conducted searches at nine locations across Bihar, Haryana and Delhi on Friday, September 11, 2026, as part of a money-laundering investigation into an alleged bank loan fraud involving Gaya-based hotel group Ramnandi Hotels and Resorts Ltd (RHRL), according to The New Indian Express.
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 outlet reported. 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 ED also said that Akhouri Gopal, a director of RHRL, and members of his family had provided personal guarantees against the loans. Those named as respondents in the outlet's account are RHRL, Akhouri Gopal, and his sons Nishant and Nitesh.
During the investigation, the ED found that five properties had been mortgaged to a vehicle company against outstanding dues of a related group entity, according to the report. The agency alleged the properties were subsequently sold despite the mortgages being in place, for what it described as "grossly undervalued" amounts. The ED further alleged that some of the buyers were people of limited financial means who would not ordinarily have been able to afford the transactions, and an ED official said their involvement is being investigated on suspicion that they may have acted as benamis or proxies for Akhouri Gopal. 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.
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Sources
- Bank 'fraud' case: ED raids against Gaya-based Hotel group, promotersnewindianexpress.com
Revision history
- Version 111 Sept 2026, 06:02current
First published.
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