ED files indictment against Omkar Realtors, Real Estate News, ET RealEstate

NEW DELHI: The Law Enforcement (ED) Directorate has filed an indictment as part of its money laundering investigation against Mumbai-based real estate group Omkar Realtors and Developers in connection with the alleged illegal misappropriation of Yes Bank loan fund worth over Rs 400 crore.

In a statement, the Central Investigation Agency said the complaint (indictment) was filed under various sections of the Money Laundering Prevention Act (PMLA) in a special court in Mumbai. .

The indictment names Omkar Realtors and Developers chairman Kamal Kishore Gupta, its managing director Babulal Varma, actor-producer Sachin Joshi (also the promoter of the Viiking Group) and their companies.

The ED had previously raided the premises of the promoters of the Omkar group and arrested the three accused in this case.

The central agency case is based on an FIR of the Aurangabad (Maharashtra) police against Gupta and Varma on charges of cheating and embezzlement of Yes Bank loan funds of Rs 410 crore which were mistaken for the redevelopment of Anand Nagar SRA (Slum Rehabilitation Authority) CHS.

“According to the terms and conditions of Yes Bank, the loan amount of Rs 410 crore was to be used for the construction of rehabilitation buildings at Anand Nagar SRA CHS, Wadala.

“However, instead of building SRA buildings, the total amount of Rs 410 crore was diverted by the accused to group companies,” the ED said in its statement.

Of this Rs 410 crore, an amount of Rs 80 crore was added to Joshi and his Viiking group of companies under the guise of service and investment charges.

“However, during the investigation, it was found that neither Sachin Joshi nor his companies had ever been engaged in such an enterprise and the said transactions turned out to be a sham,” said the managing director.

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