Apartments and land worth a total of around Rs 410 crore from Mumbai-based real estate group Omkar Realtors and that of a company owned by actor-producer Sachin Joshi have been seized by the Enforcement Directorate in under the anti-money laundering law.
Joshi, who has acted in some Telugu and Hindi films, is the son of JMJ band promoter and businessman JM Joshi who is into gutka and pan masala manufacturing as well as the hotel business. Sachin Joshi has also produced a few films.
A temporary order under the Prevention of Money Laundering Act (PMLA) has been issued to attach ‘apartments worth Rs 330 crore (approximately) in Tower C of the sales building i.e. Omkar 1973, Worli (Mumbai), of Omkar Group and an open land located in Viram, Pune is worth Rs 80 crore (approximately) from a company owned by Sachin Joshi,” ED said in a statement.
He said the investigation revealed that “the Rs 410 crore loan amount was fraudulently acquired by Surana Developers Wadala, LLP, a sister company of Omkar Realtors and Developers Pvt. Ltd (ORDPL) through a false increase in the number of slum dwellers and FSI (floor area index).
“Out of Rs 410 crore, an amount of Rs 330 crore was laundered in the sales building of Omkar Group and an amount of Rs 80 crore (approximately) was laundered through Sachin Joshi and his group of companies Viiking under the guise of services and investment,” the agency said.
The ED had raided these entities in January last year and filed a charge sheet in March naming Omkar Relators and Developers chairman Kamal Kishore Gupta (62), its managing director Babulal Varma (51) and Sachin Joshi (37) and their companies. .
All three were arrested by the ED last year. While Joshi was granted a four-month bail by the Supreme Court in September last year, the other two are in police custody.
The central agency case is based on a 2020 FIR by Aurangabad Police against Gupta and Varma for cheating and embezzlement of loan funds of Rs 410 crore taken from Yes Bank for Slum Upgrading Authority redevelopment by Anand Nagar.
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