ED searches on 10 premises of realty firm Omkar Group

ED searches on 10 premises of realty firm Omkar Group

The group is being probed for alleged misusing various permissions given under SRA schemes

Pratik SalunkeUpdated: Tuesday, January 26, 2021, 02:18 AM IST
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The Enforcement Directorate (ED) on Monday conducted searches on ten premises belonging to Omkar Group, one of the leading builders in Mumbai, in connection with Slum Rehabilitation Authority (SRA) schemes and bank loans.

The searches were carried at office and residential premises linked to the group. The group is being probed for alleged misusing various permissions given under SRA schemes and for alleged diversion of Rs 450 crore taken by way of loan from Yes Bank. The group led by Babulal Verma and Kamal Kishore Gupta has denied the allegations post the searches conducted on Monday.

The group was dragged to the court for alleged obtaining loans from various banks without the requisite permissions. Omkar group has stated that “a routine enquiry was carried out by the ED in a matter related to writ petitions” filed by Surana Developers and Pradeep Kadam. The group in a statement issued on Monday said, “The management of Omkar Group would like to emphatically state that such baseless allegations is an attempt to create confusion and create hurdles in the implementation of Slum Rehabilitation (SR) schemes by approaching various authorities.”

All matters pertaining to the scheme, for clubbing/de-clubbing purpose, are carried out as per legal norms laid out by the state government. The matter raised by the petitioner in regards to a Rs 450-crore loan from Yes Bank is availed under banking guidelines as project loan against sale collaterals and utilised for the stated purpose only.

“We will like to emphatically state that there are no diversions of any project fund availed by us in any project of the company. We will also like to put on record that there is no injunction or any prohibitory order of Competent Court in this matter which in any manner affects the on-going development work related to the scheme and our SRA projects,” said the company.

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