In connection to suspicious transactions, Sachin Joshi arrested by ED
Sachin Joshi who is an actor-producer was arrested by Enforcement Directorate in a money laundering case against the developer Omkar Group. The Income tax department had conducted a search at his resident after which he was arrested.
Omkar group is one of the biggest groups involved in developing Slum Rehabilitation projects and has several projects located at prime locations across Mumbai.
Joshi was seen in movies like Jackpot that starred Sunny Leone and in the movie Mumbai Mirror. He had purchased Vijay Mallya`s bungalow in Goa for RS 73 crore in 2017. The bungalow is known as Kingfisher Villa. Joshi also owns Playboy Franchise running a chain of restaurants and clubs across various cities.
He was arrested after a questionable money transaction that was noticed by ED between Omkar Realty and JMJ group.
On 15 February he was to be produced in front of the special Prevention of Money Laundering Court in Mumbai.
ED had arrested the chairman of Omkar Realtors and Developers Kamal Kishore Gupta and MD Babulal Varma last month.
“Omkar Realtors and Developers Pvt Ltd and its directors bought a firm ‘Surana Construction’ which had SRA rights for re-development of Anand Nagar SRA Cooperative Housing Society in Mumbai’s Wadala area”, FIR registered by ED said.
“However, Omkar and its promoters did not pay back the amount due to the seller and also mortgaged future FSI (floor space index) of the said SRA project and took huge amounts of loans,” it said. The ED also claimed its probe found that “loans to the tune of Rs 410 crore were diverted and not used for intended purposes”.
“No work of SRA building was undertaken. The requisite rules and procedures under SRA were ignored by the accused and documents relating to names of slum dwellers were forged to claim more FSI for mortgaging the same with banks for taking the loans,” the ED had alleged.