The promoters of Omkar Group – Babulal Varma and Kamal Kishore – were denied bail by the special PMLA court in the money laundering case filed against the duo. The court felt that releasing them on bail would affect the trial as the money laundering cases would be committed by highly intelligent persons.
The Omkar group availed Rs 410 crore from Yes Bank to build homes to rehabilitate slum-dwellers of Vadala under slum rehabilitation authority scheme. But the firm diverted the funds to other companies of the group. The enforcement directorate has registered a case against the case. It charged trader Sachin Joshi with siphoning off Rs 87 crore in the whole deal. It framed charges against Joshi, Gupta and Verma.
The special court refused bail to them. The ED deposed before the court saying that they siphoned off Rs 410 crore to their 14 companies. On hearing both sides, the judge refused to grant bail to them.
