Mumbai: ED raids 10 premises of Omkar Group in Yes Bank fraud case | Mumbai news - Hindustan Times
close_game
close_game

Mumbai: ED raids 10 premises of Omkar Group in Yes Bank fraud case

ByVijay Kumar Yadav, Mumbai
Jan 26, 2021 12:41 AM IST

The group has allegedly misused various permissions given for slum rehabilitation schemes and diverted around ₹450 crore by way of loan from Yes Bank. The spokesperson for Omkar Developers declined to comment on ED raids.

The Enforcement Directorate (ED) on Monday conducted raids at 10 premises, including seven residences and three offices, belonging to Omkar Group, one of the leading builders in the city. The group has allegedly misused various permissions given for slum rehabilitation schemes and diverted around 450 crore by way of loan from Yes Bank. Various other alleged irregularities are also being investigated, a senior ED officer confirmed. The group was named in the charge sheet filed by ED in the Yes Bank case.

Enforcement Directorate office at Ballard Estate,Fort in Mumbai. (HT FILE )
Enforcement Directorate office at Ballard Estate,Fort in Mumbai. (HT FILE )

Roles of Kamal Kishore Gupta, chairman of Omkar Developers; and Babulal Varma, managing director of the firm, are under ED’s scanner.

Hindustan Times - your fastest source for breaking news! Read now.

Omkar Group is also suspected of conniving with Slum Rehabilitation Authority (SRA) officials and forging and fabricating documents for wrongful gains by manipulating sanction of projects and allotment of flats, said sources.

The spokesperson for Omkar Developers declined to comment on ED raids.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On