Fraudulent loans cannot be sold to bad bank: RBI
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The RBI has said that loans classified as fraud should not be sold to the proposed national asset reconstruction company (NARC) to be set up by public sector banks. This would mean that a big chunk of sticky loans would continue to remain on the books of banks.
(This story originally appeared in on Mar 08, 2021)MUMBAI: The RBI has said that loans classified as fraud should not be sold to the proposed national asset reconstruction company (NARC) to be set up by public sector banks. This would mean that a big chunk of sticky loans would continue to remain on the books of banks.
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An Omkar Group representative said, “We are yet to receive any communication from ED. We are emphatic that Omkar Group is not in violation of any lending norms and slum approvals.”
MUMBAI: After a day of intense questioning, the Enforcement Directorate (ED) arrested Omkar Group chairman Kamal Kishor Gupta and managing director Babulal Varma on Wednesday in a Rs 410 crore money laundering case linked to a slum redevelopment project at Wadala. ED will produce them before the special court on Thursday.
The complainant in the case is Aurangabad-based businessman Mahendra Surana who had invested in the Wadala project. Surana had filed a cheating case against Omkar Group and its senior office bearers in March 2020, on the basis of which ED has registered a money laundering case.
p ED sources stated that Omkar Group misused various permissions given under the SRA schemes, diverted bank funds and defaulted on the payment. br /p
MUMBAI: The Enforcement Directorate (ED) on Monday searched 10 premises of Omkar Developers in a suspected money-laundering case arising out of a Slum Rehabilitation Authority (SRA) scheme fraud and diverting Rs 450 crore bank loan for purposes other than declared.
ED sources stated that Omkar Group misused various permissions given under the SRA schemes, diverted bank funds and defaulted on the payment. The ED is also investigating various other financial irregularities of the builder.Among the premises raided, seven are residences and three offices belonging to the group’s chairman Kamal Kishor Gupta and managing director Babulal Varma.
Mumbai: ED raids 10 premises of Omkar Group in money laundering case
Mumbai: ED raids 10 premises of Omkar Group in money laundering case
The group, one of the leading builders in Mumbai, is alleged to have committed a fraud worth Rs 22,000 crore under Slum Rehabilitation Authority (SRA) schemes
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Senior ED officials said the group allegedly misused various permissions given under SRA schemes (Representational)
The Enforcement Directorate on Monday conducted raids at 10 premises of Omkar Group in connection with a money laundering case. The group, one of the leading builders in Mumbai, is alleged to have committed a fraud worth Rs 22,000 crore under the Slum Rehabilitation Authority (SRA) schemes.