Sachin Joshi sent to judicial custody in slum rehabilitation fraud case
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Actor and businessman Sachin Joshi has been remanded in judicial custody by the particular Prevention of Money Laundering Act (PMLA) courtroom, in reference to slum rehabilitation fraud case involving the Omkar Group
The Enforcement Directorate (ED) probing the case stated, “Explanations provided by Mr. Joshi reveal that funds were received by him and his companies from various companies of Omkar Group. Part funds were shown as investment and part of them are shown as received against rendering of services. With respect to funds received as investment, Mr. Joshi said the same were towards development of land near Pune.”
The company has contended that the time period sheet of funding is just used to disguise the actual intention of diversion of funds acquired from Omkar Group of firms and park these funds on the behalf of promoters of Omkar Group. It may be seen that any prudent enterprise transaction would contain particular black and white settlement about funding/utilisation of such big funds.
According to the ED, Mr. Joshi has knowledgeable the company that no precise slum rehabilitation work was carried out by him however he was concerned in facilitation with the Omkar Group, the place Omkar Group was to use his identify and model identify in order to rehabilitate the tenants/settle with the tenants.
“From the cash flows of Omkar Realtors & Developers Pvt. Ltd. for various years it is observed that there are huge inter-company transactions with group companies including the companies from which funds have been transferred to the accused and his companies. Loans availed from Yes Bank have been diverted and Mr. Joshi has helped promoters of Omkar Group in such diversion for an amount of at least ₹87 crore,” the company stated.
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