Omkar Realtors promoters discharged in money-laundering case registered by the ED

About Omkar Realtors

A legacy nearly two decades old, marked by rapid growth and recognition in the real estate industry of Mumbai, is what Omkar Realtors & Developers Pvt. Ltd represents. Omkar Realtors has reached a podium where the name translates to trust in the eyes of the city folks. This has only been possible due to a stringent adherence to the core values set by the Omkar Realtors promoters integrity, inclusion, equality and a drive to strive for excellence with a revolutionary vision has guided the company to the top of a market that is otherwise a tough nut to crack.

Omkar Realtors have a portfolio spanning over 4 million sq. ft. in the residential sector of Mumbai. At the same time, the group is working aggressively to deliver innovative housing solutions on over 20 million sq. ft. of land for the city of dreams.

Omkar Realtors' Owners Kamal Kishore Gupta and Babulal Varma

The Omkar Realtors Chairman, Kamal Gupta, and Babulal Verma, Managing Director of Omkar Realtors and Developers, were wrongfully arrested in a case lodged against them by the Enforcement Directorate (ED) a year ago back in 2021 on the grounds that the Omkar realtors promoters were frauding Yes Bank by taking out 410 crores from the Bank for construction of rehabilitation building for the slum dwellers under the Slum Rehabilitation Authority (SRA) scheme at Wadala and then diverting it to their group companies. 

Under the Prevention of Money Laundering Act (PMLA), Special Judge MG Deshpande quashed the case against the two, rejecting the request of ED to provide judicial custody of Mr Babulal Varma- Managing Director, and Kamal Gupta, Chairman of Omkar Realtors and Developers. The judge went on to state that the case lacked merit and that pursuing the matter further would only prove to be an exercise in vain.

The two holding top positions in the Omkar Realtors further have since been granted freedom, and the cases filed against them have been overruled. 

Special Court's Order statement

Having ordered the release of the two accused, the court stated the decree, "when there is no scheduled offence, the PMLA case cannot continue". Given that the predicate offence against the two based on which the ED had registered a money laundering case was closed already by the Aurangabad police.

The court further went on to state that the Supreme Court has recently changed the law of the land. So, even though the ED deems it necessary that the special court extends the judicial custody of Mr Babulal Varma and Mr Kamal Gupta, doing so will be going against the apex court. 

The special judge then described ED as a vengeful complainant and refused to join hands with them while going against the law.

Closure Report 

According to the closure report filed by special justice M G Deshpande, the recent change in the PMLA law made by the Supreme Court cannot be overlooked; thus, the two Kamal Gupta and Babulal Varma of Omkar Realtors were to be granted an immediate release from the judicial custody of the ED. 

Adding further in the report, the judge wrote that any further investigation into the matter would be a futile exercise as the new law of the land can not be overlooked for ED to keep the two Omkar Realtors promoters in its custody.