Special PMLA court grants bail to businessman and actor-producer Sachin Joshi
Mar 07, 2022
New Delhi [India], March 7 : Special PMLA court on Monday granted bail to businessman and actor-producer Sachin Joshi in a money laundering case linked to another city-based firm Omkar Realtors and Developers but imposed a set of conditions on him.
ED had arrested Joshi on February 14 last year.
Last year, Sachin Joshi was arrested under the sections of the Prevention of Money Laundering Act, 2002 (PMLA), in the case of siphoning/diversion of bank funds to the tune of Rs 410 crore.
The ED initiated an investigation on the basis of FIR registered by City Chowk police station Aurangabad, Maharashtra against promoters of M/s Omkar Group in the month of March 2020. The said FIR alleged cheating and diversion of bank funds.
"During the investigation, searches were conducted on various premises including residential and office premises of key persons and subsequently ED arrested Babulal Varma and Kamal Kishore Gupta, promoters of M/s Omkar Group, on January 27, 2021, under PMLA, 2002," the release read.
According to ED, the role of Sachin Joshi and his companies were found in the further diversion of said bank funds through non-genuine transactions. It was found that nearly Rs 87 Crores were diverted through such transactions. Accordingly, Sachin Joshi was summoned and questioned.
Based on the investigation Sachin Joshi was arrested on February 14, 2021, under PMLA, 2002.
Further investigation is underway.
