Enforcement Directorate (ED) has arrested actor-businessman Sachin Joshi, under the provisions of Prevention of Money Laundering Act, 2002 (PMLA), in the case of siphoning/diversion of bank funds to the tune of Rs 410 Crore. According to an official release, the accused were produced before the Special PMLA court, on February 15, and the court granted ED custody till February 18.
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 reads.
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. He was produced before Special PMLA Court on February 15, 2021, and Court granted ED custody till February 18, 2021.