Special court discharges actor businessman Sachin Joshi from money laundering case registered by the ED against Omkar Realters Chairman and Managing Director

A special court discharged actor-businessman Sachin Joshi from a money laundering case registered against him by the Enforcement Directorate (ED) in connection with city-based firm Omkar Realtors and Developers. End Quote

(1888PressRelease) October 27, 2022 - Special judge M G Deshpande, designated to hear cases under the Prevention of Money Laundering Act (PMLA), discharged actor-producer Sachin Joshi from the money laundering case registered by the ED against Omkar Realters Chairman Kamal Kishore Gupta and Managing Director Babulal Varma.

Joshi was arrested in February 2021 and was later granted interim bail by the Supreme Court on medical grounds. In March 2022, the special court granted Joshi bail on merits noting that prima facie no money laundering case was made out against him.

Joshi's counsel Aabad Ponda and advocate Subhash Jadhav of Parinam Law Associates had argued that there was no evidence of alleged money laundering as claimed by the ED.

The probe agency had alleged that a loan of Rs 410 crore was fraudulently acquired by Surana Developers Wadala, LLP, a sister concern of Omkar Realtors and Developers Private Limited (ORDPL), by falsely increasing the number of slum dwellers and FSI (floor space index) for a redevelopment project.

Out of Rs 410 crore, an amount of Rs 330 crore was laundered into the sale building of Omkar Group and an amount of around Rs 80 crore was laundered through Joshi and his Viiking Group of companies under the guise of services and investment, the agency had alleged.

Joshi is the son of JMJ group promoter and businessman J M Joshi, who is into gutka and pan masala manufacturing and hospitality business. Joshi has acted in ''Jackpot'' and a few other films and produced some movies as well.

The special court also discharged two other accused in the case — the chairman of Omkar Relators and Developers, Kamal Kishore Gupta (62), its managing director Babulal Varma (51). The duo is currently in judicial custody.

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