Mumbai, February 15
The Enforcement Directorate has arrested a businessman in connection with a money laundering case against city-based realty group Omkar Realtors and Developers, official sources s
Actor-businessman was arrested on Sunday in a ₹22-crore slum rehabilitation fraud case
A special Prevention of Money Laundering Act (PMLA) court remanded actor and businessman Sachin Joshi in Enforcement Directorate’s (ED) custody till February 18 in a ₹22-crore slum rehabilitation fraud case involving the Omkar Group.
Mr. Joshi was arrested on Sunday and as per the ED had helped promoters of the group to divert ₹87 crore. Apart from the cash flows of the Omkar Realtors & Developers Private Limited, it is observed that there are huge inter-company transactions with group companies including those from which funds have been transferred to Mr. Joshi and his companies, the agency said.
10 individuals have also been named as accused
The CBI has registered a case against Delhi-based Sunstar Overseas Limited and others for allegedly cheating the Punjab National Bank of over ₹56 crore.
According to the FIR, the company had taken credit facilities from a consortium of nine banks and had an outstanding of ₹951.88 crore in 2017. Apart from Sunstar Overseas, 10 individuals have been named as accused.
The loan account with the PNB was declared fraud and reported to the RBI in July, 2019. A forensic audit revealed that the company had allegedly diverted ₹18.81 crore to one Greatwall Construction & Developers Private Limited that invested the funds in the real estate.
Omkar Group promoters remanded in ED custody
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Duo was arrested in ₹22 crore slum rehabilitation fraud case
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Duo was arrested in ₹22 crore slum rehabilitation fraud case
A special Prevention of Money Laundering Act (PMLA) court has remanded Babulal Varma and Kamal Kishore Gupta, promoters of Omkar Group, in the custody of the Enforcement Directorate (ED) till January 30 in a ₹22 crore slum rehabilitation fraud case.
The duo was arrested on Wednesday, a day after raids on 10 residential and official properties of Omkar Realtors and Developers. Incriminating documents, including digital evidence, were seized in the raid.
ED’s counsel Hiten Venegavkar told the court that the investigation was initiated after the Aurangabad Police registered an FIR against the accused under Sections 34 (acts done by several persons in furtherance of common intention), 406 (punishment for criminal breach of trust), and 420 (cheating and dishonestly inducing de