ED files chargesheet against Omkar Realtors in Yes Bank cheating case
New Delhi: The ED, which was probing money-laundering allegations against Omkar Realtors, has filed charge sheet in the alleged diversion of Yes Bank loan funds worth over Rs 410 crore.
The ED said the charge sheet has been filed before a special court in Mumbai under different sections of the Prevention of Money Laundering Act (PMLA), it said in a statement.
The charge sheet has named the Chairman of Omkar Realtors and Developers-Kamal Kishore Gupta and its MD- Babulal Varma. The charge sheet has also named Actor Sachin Joshi who is also the promoter of Viiking Grp.
The ED had raided various premises of the real estate company and its directors. All three men were arrested during the raids.
The ED's probe started after a FIR was filed with Aurangabad Police in Maharashtra against the Chairman and MD of the company. The FIR was filed against the two on charges of cheating and illegal diversion of loan money taken from Yes Bank which was availed for the redevelopment of Anand Nagar SRA (Slum Rehabilitation Authority) CHS.
"As per the terms and conditions of Yes Bank, the loan amount of Rs 410 crore was to be utilised for the construction of rehab buildings at Anand Nagar SRA CHS, Wadala. However, instead of constructing SRA buildings, the whole amount of Rs 410 crore was diverted by the accused to group companies," the ED claimed in its statement.
An amount of Rs 80 crore from the loan fund of Rs 410 crore was further given out to Joshi and his Viiking Grp of companies in the name of various service fee and even investment. But it was later found out in the probe that Joshi or his firms were not engaged in the business of providing those services.