ED raids 10 places of Omkar Group in city

The Enforcement Directorate (ED) on Monday conducted searches on ten premises of Omkar Group, a leading builder in Mumbai, in connection with Slum Rehabilitation Authority (SRA) schemes and bank loans.

The searches were carried at office and residential premises linked to the group. The group is being probed for alleged misusing various permissions given under SRA schemes and for alleged diversion of Rs 450 crore taken by way of loan from Yes Bank. The group led by Babulal Verma and Kamal Kishore Gupta denied the allegations post the searches conducted on Monday.

The group was dragged to the court for allegedly obtaining loans from various banks without the requisite permissions. Omkar group stated that “a routine enquiry was carried out by the ED in a matter related to writ petitions” filed by Surana Developers and Pradeep Kadam. The group in a statement issued on Monday said, “The management of Omkar Group would like to emphatically state that such baseless allegations is an attempt to create confusion and create hurdles in the implementation of slum rehabilitation schemes by approaching various authorities.”

All matters related to the scheme, for clubbing/declubbing purpose, are held as per legal norms laid out by the state government. The matter raised by the petitioner in regard to Rs 450-crore loan from Yes Bank is availed under banking norms as project loan against sale collaterals and utilised for stated purpose only.