Businessman who purchased Vijay Mallya’s Goa villa arrested in Omkar Realty case  |  Photo Credit: Instagram
- Sachin Joshi, a businessman and Bollywood actor, was arrested under money laundering charges
- ED arrested Joshi after concluding five-day search at his home and premises of JMJ group which he promotes
Businessman and Bollywood actor Sachin Joshi on Sunday was taken into custody by the Enforcement Directorate (ED) in connection with an alleged money laundering case involving Mumbai-based Omkar Realty group.
Joshi has acted in a few Bollywood movies including Azaan, Mumbai Mirror and Sunny Leone-starrer Jackpot but is best known for purchasing Vijay Mallya’s Goa bungalow —Kingfisher Villa which went under the hammer for over Rs 73 crore in 2017.
He was arrested after ED found questionable monetary transactions between JMJ group, which Joshi promote, and Omkar Realty. He will be produced in the special Prevention of Money Laundering Court (PMLA) in Mumbai on February 15.
The arrest came after the investigative agency concluded its five-day search at office premises of JMJ group and Joshi’s residence. The group has business interests in hospitality, construction, breweries and pan masala.
Earlier, the ED conducted raids on various premises of the Omkar Realty, one of Mumbai’s leading builders. The group is alleged to have misused different permits issued under the Slum Rehabilitation Authority (SRA) schemes.
It was alleged that the group took a loan of Rs 450 crore from Yes Bank for SRA but diverted the funds. Raids on seven residential and three commercial buildings were performed. Various permissions granted under the SRA schemes are allegedly misused by the party.
The investigative agency had arrested Omkar Group Chairman Kamal Gupta and Managing Director Babu Lal Verma under the Prevention of Money Laundering Act, 2002 (PMLA).
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