Renowned in the financial capital of India (Mumbai) as the leaders and innovative creators of real-estate spaces, Omkar Developers are carving a niche that caters to the needs of the people. Omkar Realtors is a name that has earned trust and appreciation from the day it started back in 2003. Their strict adherence to the core values set from the start has catapulted them to success. Integrity, inclusion, equality and excellence with a steadfast financial perspective and revolutionary vision paired with an extreme ethic for hard work has resulted in them gaining stride in an otherwise close-knit market. A legacy two decades old, yet their catapulting rise in the city of dreams still seems impossible. 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. of land for their upcoming projects. Omkar Realtors are known for their luxury residential offerings in the heart of Mumbai. Their recent constructions focused in Malad East are the Omkar Signet, and the Omkar Alta Monte are turning heads and garnering heaps of praise amongst the residents and the real estate community of Malad because of their world-class amenities and state-of-the-art project designs.
Omkar Realtors & Developers' chairman Kamal Kishore Gupta and Managing Director Babulal Varma
The Omkar Realtors MD & 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) a year ago back in 2021. Recently, the special court for the Prevention of Money Laundering Act (PMLA), chaired by Special Judge MG Deshpande, quashed the case against the two while 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, Judge Deshpande added that the case filed against the two has no merit and that pursuing it further will only be an exercise in vain.
SC guidelines cited by PMLA court in milestone judgement against ED
The court further ordered the release of Kamal Gupta and Babulal Varma among the first such decision. Judge Deshpande upheld that in light of the recent verdict by the Supreme Court the two should not prosecute as the predicate offence against them had already been closed by the police and the concerned court had already accepted their closure report. 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 cannot join hands with them.
According to the closure report filed by special justice M G Deshpande, the recent change in the law of the land made by the Supreme Court cannot be ignored, thus the two Kamal Gupta and Babulal Varma of Omkar Realtors be granted an immediate release from the judicial custody of the ED. Adding further in the report, the judge wrote that any further investigation into the matter would be a futile exercise as the new law of the land can not be overlooked in order for ED to keep the two Omkar Group promoters.
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