Omkar Realtors & Developers Private Limited is India's leading real estate developer. The mission of the company is to create world-class residential and commercial spaces that can shape people's lives in more positive ways. They are involved in developing various residential and commercial projects in Mumbai. Omkar Realtors has delivered many successful projects Omkar 1973, Alta Monte, Sereno, Ananta, The Summit Business Bay, Meridia, Vive etc.
The company was established by Kamal Gupta, Chairman of Omkar Realtors and Developers, and Babulal Varma, Managing Director of Omkar Realtors and Developers, with a vision to redefine the standards of real estate development across the major markets of India.
Three months after a special court discharged the promoters of Omkar Realtors, they sought the release of their properties seized during the probe
Omkar Realtors, a real estate company based in Mumbai, India, recently sought the release of several properties worth 310 crores that authorities had seized in connection with an ED (Enforcement Directorate) case. Omkar Realtors Promoters had been discharged in the case, meaning it was no longer under investigation or facing any charges.
The case against Omkar Realtors began in 2017, when the ED launched an investigation into the company's activities, alleging that it was involved in a money laundering case related to Yes Bank. As part of the investigation, authorities seized several properties belonging to Omkar Realtors, including several luxury apartments and commercial buildings worth 310 crores.
According to reports, the properties in question were seized by authorities under the Prevention of Money Laundering Act (PMLA). This law allows the government to seize assets that are believed to be proceeds of money laundering or terrorism financing. The PMLA also enables the government to seize any assets that are found to be involved in money laundering, even if the owner is not charged with a crime.
The investigation against Omkar Developers continued for several months when the company could not access or use its seized assets. This caused significant financial hardship for the company, which relied on these assets for revenue and could not meet its financial obligations.
Recently, the ED announced that it had completed its investigation and discharged Omkar Realtors in the case, meaning that the company was no longer under investigation or facing any charges. Despite this, the seized properties remained in the government's custody, causing further financial hardship for Omkar Realtors & Developers Pvt Ltd.
Omkar Realtors reportedly approached the Mumbai High Court, seeking the release of the seized properties. In its petition, the company argued that it had been discharged in the ED case and that the continued seizure of its properties, including Rs 9 lakh in cash and attached properties worth Rs 310 crore, was causing it financial hardship.
Omkar Realtors & Developers Pvt Ltd is a well-respected and reputable company with a long history of success in the real estate industry. The company has a strong track record of compliance with all relevant laws and regulations and is committed to upholding the highest standards of business ethics.
"We are confident that the legal system will ultimately vindicate our position and allow us to have these properties returned to us," said the spokesperson. "In the meantime, we will continue to operate our business as usual and serve our clients to the best of our ability."