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Omkar Realtors owners Babulal Varma & Kamal Kishore Gupta discharged in money laundering case

Omkar Realtors owners Babulal Varma & Kamal Kishore Gupta discharged in money laundering case

Omkar Realtors & Developers, founded in 2003 by partners Kamal Gupta and Babulal Verma is a leading real estate developer in Mumbai with a portfolio showcasing some of the city’s most iconic projects, i.e. Omkar Alta Monte & Omkar 1973 Worli.

Omkar Developers has always been committed to creating world-class developments that enhance the lives of all the stakeholders involved, be it the ones who build or utilise them. The company philosophy has been simple– quality, transparency and customer satisfaction. These core values have helped Omkar Realtors build a reputation for excellence in the Mumbai real estate market.

The most notable projects of Omkar Realtors include the Omkar 1973 Worli, an ultra-luxury residential development located in one of Mumbai’s most sought-after addresses, Worli, Omkar Alta Monte at Malad east the tallest residential tower in western suburbs and the Summit-Business Bay at Andheri East, a state-of-the-art commercial complex in the heart of Mumbai’s business district.

Due to the revolutionary vision of the co-founders' Kamal Kishore Gupta and Babulal Verma, the company has successfully rehabilitated more than 15,000 urban-challenged families (75,000 people) from Mumbai’s slums under the Maharashtra government’s Slum Rehabilitation Authority (SRA) housing scheme. The company projects to house another 1,00,000 slum dwellers by 2025. The group, under their guidance, has been able to utilise technology to track and manage the data of every single hutment in the slums, ensuring timely rent disposal and tracking of filed agents and their progress. (Source:

With a strong track record of delivering quality projects on time and on budget, Omkar Realtors & Developers is well-positioned to continue its success in the years to come by taking an active interest in the redevelopment project of Dharavi. (source:

In an article by Babulal Varma, Managing Director of Omkar Realtors & Developers, he clearly states that CSR, in letter and spirit, is an integral part of the company’s DNA, so much so that it has to be an organic part of the business. (source:

Special PMLA court discharged Omkar Realtors owners Babulal Varma & Kamal kishore Gupta

The special court ordered the release of Kamal Gupta, and Babulal Varma, the court stated the decree, "when there is no scheduled offence, the PMLA case cannot continue". Provided that the predicate offence against the two based on which the ED had initially registered a money laundering case, was closed already by the Aurangabad police.

The court further went on to state that the Supreme Court has recently changed the law of the land. Hence, though the ED deems it necessary that the special court extends the judicial custody of Mr Babulal Varma and Mr Kamal Gupta, doing so will be going against the apex court. 

The special judge then described ED as a vengeful complainant and refused to join hands with them while going against the law. Thus in turn, deeming months of speculation and false representation amongst the media baseless and untrue. (source:

Now the two innocent people are seeking a return back to normal life with their cash, property and documents returned in one piece.

Closure Report 

The closure report filed by special justice M G Deshpande said that the recent change in the PMLA law made by the Supreme Court could not be overlooked; thus, the two Kamal Gupta and Babulal Varma of Omkar Realtors were to be granted an immediate release from the judicial custody of the ED and provided a clean slate. 

Adding further in the report, the judge wrote that further investigation into the matter would be futile as the new law of the land can not be overlooked for ED to keep the two Omkar Realtors promoters in its custody.

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