JUDGMENT

Manoj Kumar Ohri, J. - The present application has been filed under Section 439 Cr.P.C. on behalf of the applicant seeking regular bail in Complaint Case No.39/2021 filed under Sections 44/45 of the Prevention of Money Laundering act, 2002 (hereinafter, referred to as the 'PMLa') and arising out of ECIR No. 14/STF/2019 registered under Sections 3/4 PMLa by the respondent/ED.

Factual Background

2. Briefly stated, the facts of the case are that one M/s aman Hospitality Pvt. Ltd. (hereinafter, referred to as 'aHPL'), a group entity of ambience Group which was founded by the applicant, purchased a plot of commercial land at Shahdara in an open auction held by the DDa on 03.03.2006 for the purpose of construction and development of a hotel. Upon technical evaluation, the cost of the hotel project was estimated as Rs.867 crores, in which promoters' contribution was fixed @ Rs.287 crores and Term loan @ Rs.580 crores. Based on this estimate, aHPL approached J&K Bank, ansal Plaza Branch through the applicant, with a proposal dated 12.03.2009 for sanction of loan of Rs.75 crores and BG facility of Rs.15 crores towards financial closure.

Later, the development strategy was changed and i