Can't join hands with vengeful complainant like ED, says Special PMLA Court in Omkar Realtors case

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 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.

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.

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

Sonali Patel has worked in several reputed real estate companies in Mumbai. Currently, she has expert knowledge and wrote blogs about real estate trends and give tips on buying flats in Mumbai.