Yes Bank fraud: ED files charge sheet against omkar realtors
The charge sheet, filed before a special Prevention of Money Laundering Act (PMLA) court , names chairman of the company, Kamal Kishore Gupta, managing director Babulal Varma, and actor and producer Sachiin Joshi.
The Enforcement Directorate (ED) on Thursday filed a charge sheet against real estate company Omkar Realtors and Developers Pvt. Ltd in a money laundering probe over the alleged misuse of a ₹410 crore loan from Yes Bank.
The charge sheet, filed before a special Prevention of Money Laundering Act (PMLA) court , names chairman of the company, Kamal Kishore Gupta, managing director Babulal Varma, and actor and producer Sachiin Joshi.
The ED said Omkar Developers took the loan for a slum rehabilitation project, but diverted the loans to other roup companies and also those promoted by Joshi.
Varma, 50, and Gupta, 62 were arrested on January 27, 2021.The money laundering case against them is based on a First Information Report registered by Aurangabad police in March 2020 for alleged cheating and criminal breach of trust.
ED stated that Omkar Realtors and Developers Pvt. Ltd bought a firm, Surana Construction, which had secured rights for redevelopment of Anand Nagar Slum Rehabilitation Authority Cooperative Housing Society at Wadala, and took huge loans against the project.
The case does not seem to be linked to the larger Yes Bank case, where YES Bank’s promoter Rana Kapoor and his family have been accused of laundering money received as kickbacks against loans that then turned into NPAs (non performing assets).