Yes Bank loan fraud case: ED files charge sheet against Mumbai realty firm owners, others
Apr 01, 2021
New Delhi [India], April 1 : Enforcement Directorate (ED) has filed a charge sheet against Babulal Varma, Kamal Kishore Gupta, Sachin Joshi, under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) linked to alleged illegal diversion of Yes Bank loan funds worth over Rs 400 crore.
According to an official release, the central investigation agency said the prosecution complaint (charge sheet) has been filed under various sections of the Prevention of Money Laundering Act (PMLA) before a special court in Mumbai.
The charge sheet names chairman of Omkar Realtors and Developers Kamal Kishore Gupta, its managing director Babulal Varma, actor-producer Sachin and their companies.
The ED had earlier raided the premises of Omkar Group promoters and arrested all three accused in the case. It initiated the investigation on the basis of FIR registered by Aurangabad, Police, Maharashtra under Section 34, 406, and 420 of IPC against promoters of M/s Omkar Group.
"M/s Omkar Realtors and Developers Pvt Ltd and its directors bought a firm M/s Surana Construction which had SRA rights for the redevelopment of Anand Nagar SRA Cooperative Housing Society, Wadala, Mumbai. However, M/s Omkar and its promoters did not pay back the amount due to the seller and also mortgaged future FSI of the said SRA project and took huge amounts of loans," read the release.
The investigation under PMLA revealed that the loans to the tune of Rs 410 crores were "diverted and not used for intended purposes".
The accused persons Babulal Varma and Kamal Kishore Gupta were arrested for their involvement in the offense of money laundering and produced before the PMLA court, Mumbai.
Further investigation is underway.
