ED arrests Chairman and MD of Omkar Realtors in Rs 22,000 cr scam

New Delhi: The ED has arrested Omkar Realtors and Developers Chairman Kamal Gupta and MD Babulal Verma under Prevention of Money Laundering Act (PMLA). The arrests have been made in relation to the alleged Rs 22,000 crore slum rehabilitation scam.

The ED has been conducting searches at 10 different premises of the realty firm and its promoters from Monday. The raids have been conducted on charges of abusing permissions given to the firm by way of Slum Rehabilitation Authority (SRA) schemes. 

Omkar Group allegedly diverted Rs 450 crore loan taken from YES Bank.

Interestingly on Wednesday afternoon, Gupta and Verma were taken to the ED office together with some incriminating documents and laptops belonging to the firm.

Omkar Realtors name cropped up in ED’s probe as it was going through bad loans given by Yes Bank to some ineligible or benami entities. Omkar Realtors was also named in charge sheet filed by the ED in the Yes Bank scam case.

The realty firm allegedly connived with SRA officers and forged several documents with the intention of availing wrongful gains. The sanction of the projects for slum redevelopment and the allotment of flats have allegedly been done in a wrong and illegal manner by Omkar Realtors, the ED said in a statement.