In a money laundering case involving another city-based firm, Omkar Realtors and Developers, a special PMLA court granted businessman and actor-producer Sachiin Joshi bail on Monday (March 7), but with stipulations.
Actor producer Sachiin Joshi was arrested by the ED on February 14, 2021 on charges of siphoning/diversion of bank funds totaling Rs 410 crore under the Prevention of Money Laundering Act, 2002 (PMLA)
In a money laundering case involving another city-based firm, Omkar Realtors and Developers, a special PMLA court granted businessman and actor-producer Sachiin Joshi bail on Monday (March 7), but with stipulations.
In a report released by The Print, Joshi was arrested by the ED on February 14, 2021 on charges of siphoning/diversion of bank funds totaling Rs 410 crore under the Prevention of Money Laundering Act, 2002 (PMLA).
On February 14 of last year, the Enforcement Directorate (ED) arrested Sachin Joshi, . The 37-year-old actor and producer, who has appeared in films such as "Jackpot" and others, is also a businessman. He is currently out on medical bail granted by the Supreme Court.
Special judge MG Deshpande granted his regular bail application on a personal bond of Rs 30 lakh and two sureties in the same amount.
The court ordered him not to leave India until further orders were issued, as well as submitting his passport to the ED. Joshi was ordered by the court not to do anything that would jeopardise the case's proceedings or engage in any activity involving "proceeds of crime."
The ED, through special public prosecutor Kavita Patil, filed a plea after the bail order was passed, requesting three weeks to challenge the ruling and a stay on the bail order's implementation. The court, however, turned down the central investigation agency's request.
Joshi had requested bail through senior counsel Abad Ponda and advocate Subash Jadhav, claiming that the investigation agency had failed to establish "proceeds of crime" linked to him.
In March 2020, the ED launched an investigation into promoters of M/s Omkar Group, based on a FIR filed by City Chowk police station in Aurangabad, Maharashtra. Cheating and diversion of bank funds were alleged in the FIR.
The release by ED read, “During the investigation, searches were conducted on various premises including residential and office premises of key persons and subsequently ED arrested Babulal Varma and Kamal Kishore Gupta, promoters of M/s Omkar Group, on January 27, 2021, under PMLA, 2002.”
The role of Joshi and his companies, according to the ED, was discovered in the further diversion of said bank funds through non-genuine transactions. It was discovered that such transactions resulted in the diversion of nearly Rs 87 crores. As a result, Joshi was summoned and interrogated.