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Updated on: Wednesday, January 27, 2021, 11:24 PM IST

Mumbai: ED arrests chairman, MD of Omkar Group in money laundering case

Enforcement Directorate (ED) | File Image

Enforcement Directorate (ED) | File Image

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Mumbai: The Enforcement Directorate (ED) arrested the chairman of the Omkar Group, Kamal Gupta, and its managing director, Babu Lal Verma, in a money laundering case on Wednesday.

The arrests come two days after the agency conducted searches on ten premises belonging to the Omkar Group, a leading builder in Mumbai, which has come under the scanner in connection with alleged violations in Slum Rehabilitation Authority (SRA) schemes and bank loans. However, in a statement issued after the arrests, the group has denied any wrongdoing. “We have yet to receive a copy of the ED communication. We are emphatic that Omkar Group is not in violation of any lending norms and slum approvals,” the statement read.

The duo will be produced before a competent court on Thursday. The searches were carried out at the office and residential premises linked to the group. It is being probed for alleged misusing various permissions given under SRA schemes and for alleged diversion of Rs 410 crore borrowed from Yes Bank. The group has earlier stated that the ED conducted an enquiry related to writ petitions filed by Surana Developers and Pradeep Kadam.

Earlier, the group had stated that in the matter raised by the petitioner with regard to a loan from Yes Bank, the loan was availed under banking guidelines as a project loan against sale collaterals and had been utilised for the stated purpose only. The group had been dragged to the court earlier, for allegedly obtaining loans from various banks without the requisite permissions. Having constructed luxury towers in the city and its suburbs, the group has also been undertaking various SRA projects.

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Published on: Wednesday, January 27, 2021, 11:24 PM IST
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