The order of the special Prevention of Money Laundering Act (PMLA) court on 3rd April, granting bail to actor-producer-businessman Sachin Joshi in the Rs. 410 crore money laundering case involving the Omkar Group, was kept in abeyance recently till April 9 after the Enforcement Directorate moved a plea. The court said that if the ED failed to bring the necessary order, Joshi would be granted bail on 9th April on compliance of imposed conditions.
Sachin Joshi was arrested in February in a money-laundering case. The ED recently submitted its first chargesheet against him, Omkar Group promoters Babulal Varma, Kamal Kishor Gupta and 14 firms associated with them. Joshi is alleged to have helped Omkar Group for the laundering of Rs. 87 of the Rs. 410 crore which it (Omkar Group) took from Yes Bank to construct rehabilitation buildings under the Slum Rehabilitation Authority (SRA) scheme at Wadala in Bombay, but diverted the money to their other group companies. It is alleged that Sachin Joshi and his Viiking Group of companies never engaged in SRA-related activities, still funds were transferred to Sachin and his Viiking Group of companies.