Mumbai: ED raids 10 premises of Omkar Group in Yes Bank fraud case
The Enforcement Directorate (ED) on Monday conducted raids at 10 premises, including seven residences and three offices, belonging to Omkar Group, one of the leading builders in the city. The group has allegedly misused various permissions given for slum rehabilitation schemes and diverted around ₹450 crore by way of loan from Yes Bank. Various other alleged irregularities are also being investigated, a senior ED officer confirmed. The group was named in the charge sheet filed by ED in the Yes Bank case.
Roles of Kamal Kishore Gupta, chairman of Omkar Developers; and Babulal Varma, managing director of the firm, are under ED’s scanner.
Omkar Group is also suspected of conniving with Slum Rehabilitation Authority (SRA) officials and forging and fabricating documents for wrongful gains by manipulating sanction of projects and allotment of flats, said sources.
The spokesperson for Omkar Developers declined to comment on ED raids.