Omkar Developers seek release of attached properties worth ₹310 crore
Mumbai: Omkar Developers and its directors have moved the special Prevention of Money Laundering Act (PMLA) court seeking release of their properties attached by the Enforcement Directorate (ED) during the agency’s money laundering probe against them
Mumbai: Omkar Developers and its directors have moved the special Prevention of Money Laundering Act (PMLA) court seeking release of their properties attached by the Enforcement Directorate (ED) during the agency’s money laundering probe against them.
The special court has asked the prosecution to file a reply on their plea.
The special PMLA court on August 24 discharged Omkar Developers’ chairman Kamal Kishore Gupta and managing director Babulal Varma in a money laundering case, registered by the ED, on the grounds that when there was no scheduled offence, continuation of the case would be nothing but a futile exercise.
Following their discharge from the scheduled offence, the PMLA court has also closed the case against all the accused last month. Hence, the directors of the company have approached the court for release of all the properties valued at around ₹310 crore, and also other documents and data, which the ED had collected from their premises during the probe.
“Since the proceedings of the above case have already been closed, it cannot be contended by the prosecution that any offence of money laundering has taken place or that the properties, both movable and immovable (as described herein above), are involved in money laundering and as such the same deserves to be released to the present applicants from whose possession the said properties were admittedly taken charge of by the prosecution,” the plea stated.
The directors have also filed a plea seeking direction to the ED for withdrawal of the lookout circulars pending against them, saying that no cases are pending against them and there was no reason for the agency to continue the lookout circular against Gupta and Varma.
The prosecution under the PMLA was initiated on the basis of the case registered with the City Chowk Police Station in Aurangabad on March 7, 2020 by Surendra Surana, the managing director of M/s Aurangabad Gymkhana Club Pvt. Ltd, founded in the year 1995.
They were booked by the ED for irregularities related to Anand Nagar rehabilitation project in Wadala and accused of diverting the loan taken by them from Yes bank for other purposes.