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

Real Estate

07 Oct 2025

Compact Homes Lead Demand as Indian Housing Market Stabilises: Magicbricks

Magicbricks, India’s leading real estate platform, has released its PropIndex Report for July–September 2025, revealing signs of stabilisation in the housing market. Despite affordability pressures, housing demand grew 3.1 per cent QoQ, driven largely by compact homes. The share of 1–2 BHK units rose to 54 per cent of total demand, reversing a two-year decline and signalling renewed focus on affordability.While overall supply increased marginally by 1 per cent QoQ (–4.5 per cent YoY), property prices continued to rise. Pune (+41.4 per cent YoY), Mumbai (+29.6 per cent YoY), and Greater..

Infrastructure Urban

07 Oct 2025

Flytta Launches India’s First Retrofitted Electric Truck for the Heavy-Duty Segment

Flytta has unveiled India’s first retrofitted 13-ton payload capacity electric truck, specially designed for cement bag transportation across challenging ghat roads and industrial terrains. Developed by Kalyani Powertrain (KPTL)—the electric mobility arm of the Kalyani Group—the truck will operate with Dalmia Cement on the Yadwad–Goa corridor.This industry-first collaboration brings together Flytta’s sustainable logistics expertise, Kalyani’s engineering capabilities in EV retrofitting, and Dalmia Cement’s commitment to green manufacturing. The partnership marks a significant ste..

Infrastructure Urban

01 Oct 2025

REC Launches Rs 50.71 Mn Mobile Medical Units in Rajasthan

In a bid to make quality healthcare accessible to remote and underserved communities, REC has extended financial support of Rs 50.71 million under its CSR initiative to the Indian Red Cross Society, Alwar, for operating five Mobile Medical Units (MMUs) over the next three years.The MMUs were flagged off on October 5, 2025, by Bhupender Yadav, Hon’ble Union Minister of Environment, Forest & Climate Change, and Sanjay Sharma, Minister of Environment, Forest & Climate Change and Science & Technology, Government of Rajasthan.The event was attended by members of the REC CSR team, M L ..