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The Enforcement Directorate on Monday conducted raids on at least 10 premises of a Mumbai-based realty group in connection with its money laundering probe in the YES Bank alleged bank fraud case, official sources said.
They said premises of Omkar Realtors and Developers, that includes seven residential and three official in Mumbai, were searched by the central probe agency.
Emails sent by PTI to the realty group did not elicit a response. The action is being carried out under the Prevention of Money Laundering Act (PMLA) and the raids are aimed at gathering more evidence, they said.
Also read: Cox & Kings: A tale of plunder
The Omkar Group is promoted by its chairman Kamal Kishore Gupta and Managing Director Babulal Varma, they said.
The group is alleged to have misused various permissions given under the slum rehabilitation authority (SRA) schemes and is alleged to have “diverted” around ₹450 crore taken by way of loan from YES Bank, ED sources said.
YES Bank co-promoter Rana Kapoor and and DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested in this case by the ED last year and they are in judicial custody at present. The ED had booked Kapoor, his family members and others under the PMLA after studying a CBI FIR that alleged that dubious multi-crore loans were given by YES Bank to various entities in contravention of the law and in lieu of purported kickbacks given to the Kapoor family.
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