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Assets of Indian property company frozen.

India's Enforcement Directorate has frozen assets of a property company and associated individuals worth approximately 4,100,000,000 Rupees (just over GBP40 million /USD55 million) arising from allegations of fraudulent loan applications and subsequent money laundering.

In a statement dated 15th January 2022, the Enforcement Directorate said that it has "flats in Tower C of sale building namely Omkar 1973, Worli of M/s Omkar Group and an open land situated at Viram, Pune of a company belonging to Sachin Joshi" .

Joshi is a sometime actor and the son of an industrialist.

The Directorate further said "that it had...filed a Prosecution Complaint on 26.03.2021 before the Session Court, Bombay.. , conducted a search last year on 25.01.2021 to 27.01.2021 and arrested Babulal Varma, Managing Director of M/s ORDPL, Kamal Kishore, Chairman of M/s ORDPL and. later. Sachin Joshi. "

The case arises from allegations of fraudulent loan applications. The Directorate says that it "found that loan amount 4,100,000,000 Rupees was fraudulently acquired by M/s Surana Developers Wadala, LLP, a sister concern of M/s ORDPL through falsely increased slum dwellers numbers and FSI. Out of 4,100,000,000 Rupees, an amount of Rs. 3,300,000,000 was laundered into the sale building of Omkar Group and an amount of Rs. 800,000,000 approximately was laundered through Sachin Joshi and his Viiking Group of companies under the guise of services and investment.

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Author: 
World Money Lau...

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