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Omkar Group Chairman Kamal Gupta, MD Babu Lal Verma sent to ED custody till January 30

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

January 28, 2021 / 08:37 PM IST
Omkar Group Chairman Kamal Gupta.

Omkar Group Chairman Kamal Gupta.

 
 
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Omkar Group Chairman Kamal Gupta and Managing Director Babu Lal Verma were remanded to Enforcement Directorate custody till at least January 30. They were arrested a day earlier in connection with the slum rehabilitation fraud case.

Gupta and Verma were taken into custody after they allegedly refused to cooperate in the money laundering probe. They were produced before a Special PMLA Court on January 28, which decided to send them to ED remand for at least the next two days.

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.

The company, however, has refuted the allegations of financial irregularities. The issue, it claimed, pertains only to a Rs 410 crore funding case - an FIR in relation to which has been filed with Aurangabad's economic offences wing (EOW).