ED investigates Rs 2,000 cr loan from Piramal Group to Omkar

17 May 2021 CW Team

Enforcement Directorate (ED) is investigating a Rs 2,000 crore loan from the Piramal Group to Mumbai’s biggest slum redeveloper, Omkar developers.

Omkar Group has a history of involvement in money laundering cases.

The documents of the loan have been collected by the officials and the Chief Financial Officer (CFO) of Piramal Group was called to record his statements.

The CEO and Executive director of Piramal Enterprises, Rajesh Laddha presented himself before the ED and submitted the demanded documents.

ED confirmed that they’ve examined the documents and expects to ask for Laddha or any other officials of the Piramal Group for further interrogations.

Sources told the media that Laddha was summoned for a regular question-answer session linked to the business loan to the Omkar group. The source also mentioned that the Piramal Group recovered nearly 80% of the loan from Omkar.

An executive of the Piramal group revealed to ED that the loans were part of the business and are documented, as the group works with finance business. These documents were presented before ED.

Previously, the Omkar group had also notified the ED officials that they had taken loans from Piramal Group as well as other business organisations for their projects some years ago.

The investigation began when ED grew suspicious of Omkar group for collecting Rs 410 crore loan from Yes Bank to construct buildings for slum dwellers under the Slum Rehabilitation Authority (SRA) scheme at Wadala but redirected the money to other companies.

Actor-businessman Sachin Joshi supposedly helped Omkar in covering the loan for Rs 87 crore. ED arrested Omkar group promoters Babulal Varma and Kamal Kishor Gupta along with Joshi of JM Joshi Group earlier this year in January.

The promoters were sent to jail while the high court issued temporary bail for two months on health grounds for Joshi.

Omkar group, also accused of a Rs 410 crore money laundering case along with other 14 firms was filed by ED in the charge sheet.

The charge sheet states project details of Omkar group including its 8 projects across the city worth Rs 23,000 crore for which they took Rs 8,000 crore loan from different banks and financial groups.

Image Source

Also read: Maharashtra police lodges FIR against Indiabulls Group

Also read: CBI lodges FIR against DHFL for fake PMAY subsidy claims

Enforcement Directorate (ED) is investigating a Rs 2,000 crore loan from the Piramal Group to Mumbai’s biggest slum redeveloper, Omkar developers. Omkar Group has a history of involvement in money laundering cases. The documents of the loan have been collected by the officials and the Chief Financial Officer (CFO) of Piramal Group was called to record his statements. The CEO and Executive director of Piramal Enterprises, Rajesh Laddha presented himself before the ED and submitted the demanded documents. ED confirmed that they’ve examined the documents and expects to ask for Laddha or any other officials of the Piramal Group for further interrogations. Sources told the media that Laddha was summoned for a regular question-answer session linked to the business loan to the Omkar group. The source also mentioned that the Piramal Group recovered nearly 80% of the loan from Omkar. An executive of the Piramal group revealed to ED that the loans were part of the business and are documented, as the group works with finance business. These documents were presented before ED. Previously, the Omkar group had also notified the ED officials that they had taken loans from Piramal Group as well as other business organisations for their projects some years ago. The investigation began when ED grew suspicious of Omkar group for collecting Rs 410 crore loan from Yes Bank to construct buildings for slum dwellers under the Slum Rehabilitation Authority (SRA) scheme at Wadala but redirected the money to other companies. Actor-businessman Sachin Joshi supposedly helped Omkar in covering the loan for Rs 87 crore. ED arrested Omkar group promoters Babulal Varma and Kamal Kishor Gupta along with Joshi of JM Joshi Group earlier this year in January. The promoters were sent to jail while the high court issued temporary bail for two months on health grounds for Joshi. Omkar group, also accused of a Rs 410 crore money laundering case along with other 14 firms was filed by ED in the charge sheet. The charge sheet states project details of Omkar group including its 8 projects across the city worth Rs 23,000 crore for which they took Rs 8,000 crore loan from different banks and financial groups. Image Source Also read: Maharashtra police lodges FIR against Indiabulls Group Also read: CBI lodges FIR against DHFL for fake PMAY subsidy claims

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