#babulal verma managing director omkar realtors and developers

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Omkar Realtors seek release of properties valued at Rs330 crore, cash, documents and digital devices among other things seized by the Enforcement Directorate (ED) be released.

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MAHA RERA Registered projects by Omkar Realtors and Developers Pvt. Ltd. Upcoming, Ongoing and Past Projects by Omkar Realtors and Developers Pvt. Ltd. Builders / Developers

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Omkar Realtors and its directors have moved the special Prevention of Money Laundering Act (PMLA) court seeking release of their properties attached by the ED during the agency’s money laundering probe against them.

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Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED

About Omkar Realtors & Developers

Omkar Realtors & Developers are known in the financial capital of India (Mumbai) as the leaders and innovative creators of real-estate spaces. Omkar is a brand name that has garnered praise and appreciation since it started back in 2003. Their strict adherence to their core values of integrity, inclusion, equality and excellence with a steadfast financial perspective and revolutionary vision.

The company, with a legacy nearly two decades old, has witnessed catapulting rise in the city of dreams. The Omkar Realtors have delivered projects spanning over 4 million sq. ft. in the residential sector. The company has also worked on over 20 million sq. ft. in Mumbai. Omkar Realtors & Developers Pvt Ltd have also undertaken over 40 million sq. ft. land for their upcoming projects.

Omkar Realtors are renowned for their luxury residential offerings. Their latest offerings in Malad East are the Omkar Signet and the Omkar Alta Monte, which are making rounds of headlines amongst the residents of Malad because of their world-class amenities and state-of-the-art project designs.

Omkar Alta Monte and Omkar Signet stand firm on the philosophy of the company that product and design innovation is a seamless process, responsible for creating a tested roadmap for excellence.

Omkar Realtors & Developers' chairman Kamal Kishore Gupta and Managing Director Babulal Varma

Omkar Realtors & Developers Chairman, Kamal Gupta, and Babulal Verma, Managing Director of Omkar Realtors and Developers, were involved in a wrongful case lodged against them by the Enforcement Directorate (ED). The special court Prevention of Money Laundering Act (PMLA), chaired by Special Judge MG Deshpande, quashed the case against the two.

The judge also added to his judgement by rejecting the request of ED to provide judicial custody of Mr Babulal Varma- Managing Director, and Kamal Gupta, Chairman of Omkar Realtors and Developers. In his judgement, Justice Deshpande added that the case filed against the two has no merit and that pursuing it further will only be an exercise in vain.

Special Court's Order statement

The special court ordered the release of Kamal Gupta, and Babulal Varma in one of the first such decisions after the Supreme Court’s order upheld the PMLA that had previously said that it would hear the ED and the lawyers of the two accused.

The special court also went on record and discharged Omkar Realtors’ Chairman and Managing Director. The court, in its official statement, also said that the ED is acting like a vengeful complainant, but the court can’t join hands with the liar.

Closure Report

The closure report filed by special justice M G Deshpande stated that the change in law made by the supreme court should not be ignored, and hence the two should be granted an immediate release from their judicial custody.

The report has said that any investigation into the matter anymore will be a futile exercise as the new law of the land can not be overlooked in order to provide the ED with extended judicial custody.

Source: https://www.hindustantimes.com/cities/mumbai-news/special-court-discharges-city-builders-in-money-laundering-case-101661361859273.html

https://economictimes.indiatimes.com/news/india/two-discharged-post-sc-ruling-on-pmla/articleshow/93763839.cms

Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED

[realestatepropertyupdates]

Omkar Realtors & Developers' promoters Chairman Kamal Kishore Gupta and Managing Director Babulal Varma discharged in a money laundering false case filed by ED

About Omkar Realtors & Developers

Omkar Realtors & Developers have carved a name for themselves for creating opulent spaces in the city of Mumbai. Their legacy of over a decade has seen them expand on their core values of integrity, inclusion, equality and excellence.

The company has delivered projects spanning over 4 million sq. ft. in residential and commercial sectors. At the same time, the company is working on over 20 million sq. ft. in Mumbai. While also undertaking over another 40 million. Sq. ft. for the upcoming projects that are in the pipeline.

How Omkar Realtors are known in Mumbai for offering the finest luxuries that ooze class. These projects have been able to bag them a position in the list of topmost preferred builders in Mumbai. This was possible only because the company believed in the philosophy that product and design innovation is a seamless process that is responsible for creating a roadmap for excellence.

Omkar Realtors & Developers' chairman Kamal Kishore Gupta and Managing Director Babulal Varma

Omkar Realtors & Developers Chairman Mr Kamal Gupta and Mr Babulal Varma- Managing Director Omkar Realtors & Developers, were discharged from the case filed against them by the Enforcement Directorate (ED). The special court formed under the Prevention of Money Laundering Act, chaired by Special Judge MG Deshpande, quashed the case against the two by stating the recent Supreme Court ruling that described that a scheduled offence or a predicate offence refers to the base case where the accused has made monetary gains by illegal means.

Adding to his judgement, the judge added that there was no scheduled offence and that the continuation of the case would be nothing but a futile exercise.

The court also rejected the request of ED for judicial custody of the two who were granted interim bail earlier. Judge Deshpande also said that the court cannot join hands with a vengeful complainant like the ED to humiliate accused persons Mr Babulal Varma and Mr. kamal Gupta by continuing their judicial custody by utterly disregarding the latest ruling of the Supreme Court.

What were the allegations?

The executives of Omkar Realtors & Developers were arrested by the Enforcement Directorate last January on the allegations that the two and others had committed money laundering after having taken up a loan of Rs 410 crore from the Yes Bank that had been diverted.

What PMLA Court Said for ED?

The special court under judge MG Deshpande has called ED a vengeful complainant, adding that the court cannot join hands with ED in utter disregard to the recent law introduced by the supreme court. The court also believes that any continuation of the case will be only futile and hence quashing the request for extension of judicial custody presented in front of the court.

Source : Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED

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Omkar Realtors & Developers brings the philosophy of crafting opulent spaces for luxurious living. Our core values of integrity, inclusion and excellence are reflected in each new construction that combines a 17-year legacy with a revolutionary vision

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Company information, business information, directors/partners details and director/partners contact information of Omkar Realtors & Developers Pvt Ltd

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Special PMLA Court discharges Omkar Realtors & Developers in Money Laundering's no scheduled offence case by ED

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Omkar Group Promoters Chairman Kamal Kishore Gupta and Managing Director Babulal Varma discharged in a money laundering false case filed by ED. Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED

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The special PMLA court discharged Omkar Developers’ chairman Kamal Kishore Gupta and managing director Babulal Varma in a money-laundering case, registered by the (ED).

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Omkar Group Promoters Chairman Kamal Kishore Gupta and Managing Director Babulal Varma discharged in a money laundering false case filed by ED. Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED

[dimpy2020]

The special PMLA court discharged Omkar Developers’ chairman Kamal Kishore Gupta and managing director Babulal Varma in a money-laundering case, registered by the (ED).

[dimpy2020]

Omkar Group Promoters Chairman Kamal Kishore Gupta and Managing Director Babulal Varma discharged in a money laundering false case filed by ED. Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors & Developers "Money Laundering no scheduled offence" case by ED