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ED arrests Omkar Group Chairman Kamal Gupta and MD Babu Lal Verma in Rs 22,000-cr slum rehabilitation fraud case

To be produced before special PMLA court on Thursday; arrests come in wake of raids conducted on 10 Omkar group premises.

January 27, 2021 / 11:06 PM IST
Omkar Group Chairman Kamal Gupta.

Omkar Group Chairman Kamal Gupta.

The Enforcement Directorate has arrested Omkar Group Chairman Kamal Gupta and Managing Director Babu Lal Verma in connection with the Rs 22,000 crore slum rehabilitation fraud case.

Omkar group is alleged to have taken thousands of crores in loans from several banks, including an exposure of Rs 450 crore from Yes Bank, for the slum rehabilitation project.

However, the company has refuted the irregularities figure of Rs 22,000 crore and said that the issue pertains to a Rs 410 crore funding matter related to an FIR filed at Aurangabad economic offences wing (EOW).

On Monday, the Enforcement Directorate (ED) began conducting raids at 10 premises belonging to the Omkar Group. The raids went on until Wednesday morning.