PMLA court discharges actor-producer Sachin Joshi

The special Prevention of Money Laundering Act (PMLA) court on Tuesday discharged actor-producer Sachin Joshi from the money laundering case registered by the Enforcement Directorate (ED) against Omkar Realters and its directors.

The actor was arrested by ED on February 14, 2021. The agency alleged that Surana Developers LLP and Omkar Realtors and Developers Pvt Ltd had taken a loan of ₹410 crore from Yes Bank and gave all assets of Surana Developers LLP as collateral for the loan. It was alleged that the loan availed from Yes Bank was diverted and Joshi helped Omkar Group promoters divert about ₹87 crore.

“There is absolutely nothing to point out smurfing and structuring the loan amount of ₹410 crore (which was termed as the proceeds of crime or POC by ED) by way of breaking it up into smaller transactions of ₹87 crore and further breaking up the same by making transactions into the companies of ORDPL (M/S. Omkar Realtors and Developers Pvt Ltd) and Sachin Joshi,” said the court while discharging the actor from the case.

The court further said there was no record of Joshi or his companies receiving the money. The court also negated allegations that the companies formed by Joshi were fictitious.

“It is pertinent to note that applicants and his companies have paid GST of ₹4.85 lakh and TDS of ₹2.94 crore in respect of monies he received from ORDPL,” said the court, adding, “In this background and documents referred along with other nowhere indicates that group of companies of the applicant were only on paper to facilitate layering.”

The court also said that all the transactions have been corroborated with the bank statement. It stated that Joshi must be given parity with promoters of Omkar Developers and Realtors, both of whom have been discharged by the court after the predicate offence in the case was closed down by the police.