Assets worth ₹410 crore attached in bank fraud case
The Hindu
Promoters of a group allegedly took loans to construct rehabilitation buildings and diverted the funds
The Enforcement Directorate has attached assets worth ₹410 crore in connection with a case involving the promoters of Omkar Group, who had allegedly taken loans from Yes Bank to construct buildings under the Slum Rehabilitation Authority (SRA) scheme in Mumbai’s Wadala and diverted the funds.
The attached properties include flats worth about ₹330 crore in a Warli building of the group and a land parcel in Viram (Pune) worth ₹80 crore of a company belonging to Sachin Joshi of the Viiking Group, said the agency.
The ED probe is based on a First Information Report registered by the Aurangabad police in Maharashtra. About a year ago, the agency had arrested two promoters of the Omkar Group, Babulal Varma and Kamal Kishore Gupta, for alleged diversion of the loans.
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