The company says investigation revealed that ₹410 crore loans had been diverted and never used for supposed functions
The Enforcement Directorate on Thursday filed a prosecution criticism (chargesheet) against chairman of Omkar Realtors and Developers Kamal Kishore Gupta, managing director Babulal Varma, actor and producer Sachin Joshi and others in the alleged Yes Bank mortgage fraud case of ₹410 crore.
The chargesheet was filed earlier than a particular Prevention of Money Laundering Act courtroom after an FIR was registered on March 7, 2020 at Aurangabad underneath Sections 420 (dishonest and dishonestly inducing supply of property), 406 (punishment for felony breach of belief) and 34 (acts carried out by a number of individuals in furtherance of frequent intention) of the Indian Penal Code.
On January 27, the Central company arrested Mr. Varma and Mr. Gupta a day after conducting raids on 10 residential and official properties of Omkar Realtors and Developers. The ED had seized a number of incriminating paperwork and digital proof throughout the raid.
According to the ED, Omkar Realtors and Developers Private Limited and its administrators purchased a agency, Surana Construction, which had the Slum Rehabilitation Authority’s (SRA) rights for redevelopment of Anand Nagar SRA Cooperative Housing Society, Wadala. However, Omkar Group and its promoters didn’t pay dues to the vendor, mortgaged future flooring house index (FSI) of the venture, and took enormous quantities of mortgage.
The company stated investigation revealed that ₹410 crore loans had been diverted and never used for supposed functions. “No work of the SRA building was undertaken. The requisite rules and procedures under SRA were ignored and documents relating to names of slum dwellers were forged to claim more FSI for mortgaging it with banks for taking loans,” the ED mentions.
Mr. Joshi was arrested on February 15 2021 and explanations by him reveal, “funds were received by him and his companies from various companies of Omkar Group. Part funds were shown as investment and part of them are shown as received against rendering of services. With respect to funds received as investment, Mr. Joshi said the same were towards development of land near Pune,” the ED claims.
The company has contended that the time period sheet of funding is solely used to disguise the actual intention of diversion of funds acquired from Omkar Group of corporations and park these funds on behalf of promoters of Omkar Group. It could be seen that any prudent enterprise transaction would contain particular black and white settlement about funding/utilisation of such enormous funds.