ED arrests Omkar realtors Chairman and MD: SRA scam worth Rs 22,000 crore in Mumbai; ED arrests Omkar Realtors chairman – enforcement directorate arrests Omkar realtors chairman and MD in 22000 cr slum rehabilitation fraud case

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Highlights:

  • It is suspected that a scam of around Rs 22,000 crore has taken place in Omkar Realtors
  • ED raids Omkar Realtors offices on Monday
  • In this raid, many confidential papers have come into the hands of ‘ED’
  • The ED arrested Gupta and Verma for not cooperating in the investigation

Mumbai : The Enforcement Directorate on Wednesday arrested Kamal Nath Gupta, chairman of the Omkar Group, and Babu Lal Verma, managing director, in the slum rehabilitation sector. The ED has arrested Gupta and Verma for not cooperating in the investigation. He will be arraigned in the PMLA court on Thursday. The ED has expressed suspicion that a scam of around Rs 22,000 crore has taken place in Omkar Realtors.

Against this backdrop, the ED on Monday raided the offices of Omkar Realtors. The houses of senior officials of the Omkar group were also raided. Simultaneous raids at ten places belonging to the Omkar group had caused a stir in the construction industry. In this raid, many confidential papers have been found in the hands of ‘ED’. Sources said that Kamal Nath Gupta was arrested today following an inquiry.

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Omkar Group has taken a loan of Rs 450 crore from Yes Bank for Slum Rehabilitation Scheme. Investigators have expressed suspicion that the money was diverted elsewhere. The Omkar group has also been accused of embezzling crores of rupees by claiming to have spent money on a slum rehabilitation scheme in Mumbai. Sources said that the ED has started an investigation into the embezzlement of Rs 22,000 crore in the name of slum rehabilitation scheme.

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The slum rehabilitation projects developed by Omkar are also likely to be investigated after the ED’s crackdown. A thorough inquiry into the slum rehabilitation scheme is likely to be conducted by the Maharashtra Directorate of Recovery, Financial Crimes Investigation Department.

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Petition filed against Omkar in Mumbai High Court
In the name of slum rehabilitation scheme in Jogeshwari area, Omkar Group and Golden Age Group have taken a joint loan of around Rs 22,000 crore. A petition has been filed in the Bombay High Court alleging that the houses have not been built even after nine to ten years of borrowing. In this case, the High Court directed the Government of Maharashtra and the Directorate of Recovery to present their case. After this, the Directorate of Recovery raided ten places belonging to the Omkar group.

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