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.
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