Sachin Joshi has been arrested in reference to a cash laundering case against Omkar Realtors and Developers
The Enforcement Directorate has arrested a businessman in reference to a cash laundering case against city-based realty group Omkar Realtors and Developers, official sources mentioned on Monday.
They mentioned Sachin Joshi was arrested beneath numerous sections of the Prevention of Money Laundering Act (PMLA) on Sunday after he was questioned right here in reference to the case.
Mr. Joshi is acknowledged to be an actor and a promoter of the JMJ enterprise group. His function and hyperlinks with the realty group are being investigated, they mentioned.
Mr. Joshi is anticipated to be produced earlier than an area courtroom in Mumbai on Monday the place the Enforcement Directorate (ED) will search his remand for custodial interrogation, they mentioned.
The central probe company had final month arrested chairman of Omkar Relators and Developers, Kamal Kishore Gupta and MD Babulal Varma (managing director) after raids have been carried out against them and the group.
The PMLA case pertains to alleged irregularities in the execution of the SRA (slum rehabilitation authority) scheme in growth of a housing society in Mumbai.
The firm and the 2 executives are additionally dealing with allegations of “diverting” over ₹400 crore mortgage from Yes financial institution.
The ED case has been filed after learning an FIR of Aurangabad (Maharashtra) district police that was registered beneath numerous sections of IPC like dishonest and prison breach of belief, the company had mentioned earlier.
The ED had quoted the police FIR to say that “Omkar Realtors and Developers Pvt Ltd and its directors bought a firm ‘Surana Construction’ which had SRA rights for re-development of Anand Nagar SRA Cooperative Housing Society in Mumbai’s Wadala area”.
“However, Omkar and its promoters did not pay back the amount due to the seller and also mortgaged future FSI (floor space index) of the said SRA project and took huge amounts of loans,” it mentioned.
The ED additionally claimed its probe discovered that “loans to the tune of ₹410 crore were diverted and not used for intended purposes”.
“No work of SRA building was undertaken. The requisite rules and procedures under SRA were ignored by the accused and documents relating to names of slum dwellers were forged to claim more FSI for mortgaging the same with banks for taking the loans,” the ED had alleged.
Reacting to the arrests of its prime executives final month, the corporate had mentioned that it was “emphatic that Omkar Group is not in violation of any lending norms and slum approvals”.